{"id":76919,"date":"2023-06-17T11:45:18","date_gmt":"2023-06-17T11:45:18","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/06\/17\/michael-jordan-to-sell-charlotte-hornets-nba-team\/"},"modified":"2023-06-17T11:45:18","modified_gmt":"2023-06-17T11:45:18","slug":"michael-jordan-to-sell-charlotte-hornets-nba-team","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/06\/17\/michael-jordan-to-sell-charlotte-hornets-nba-team\/","title":{"rendered":"Michael Jordan to sell Charlotte Hornets NBA team"},"content":{"rendered":"

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Michael Jordan’s Charlotte Hornets have an estimated $3bn valuation
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Michael Jordan has agreed to sell his majority stake in the NBA\u2019s Charlotte Hornets, the basketball team announced.<\/p>\n

Details of the deal have not been disclosed, but ESPN report the Hornets are worth an estimated $3bn (\u00a32bn).<\/p>\n

When the sale concludes, it will bring an end to Jordan\u2019s 13-year run as the Hornets\u2019 majority owner.<\/p>\n

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Jordan, who is currently the only black majority team owner in the NBA, will keep a minority stake after the sale to a group of investors.<\/p>\n

The group is led by financiers Gabe Plotkin, a current minority owner, and Rick Schnall, a minority owner of the Atlanta Hawks.<\/p>\n

It has been announced, however, that Mr Schnall will sell his ownership in the Hawks.<\/p>\n

The investor group also includes North Carolina rapper Jermaine Cole, known as J. Cole, and country music singer Eric Church.<\/p>\n

Jordan is a six-time NBA champion and five-time MVP and is widely celebrated as the greatest player in NBA history.<\/p>\n

Having paid $275m for a majority stake in the Charlotte Hornets in 2010, he is also the league\u2019s only black majority owner.<\/p>\n

Previously, he was a minority owner with the Washington Wizards basketball team.<\/p>\n

NBA Commissioner Adam Silver has spoken of the need for more diversity in the NBA\u2019s highest ranks, where owners are overwhelmingly white men.<\/p>\n

In a press conference earlier in June, Mr Silver hinted at the possibility of Jordan joining the NBA\u2019s governing board, according to CBS, the BBC\u2019s US media partner.<\/p>\n

Of the four major US sports leagues, there are few owners who are not white: Kim Pegula, an Asian woman and a principle owner of the NFL\u2019s Buffalo Bills; Shad Khan, from Pakistan, owner of the Jacksonville Jaguars.<\/p>\n

Arte Moreno, a Mexican American, owns the MLB Los Angeles Angels; and Sheila Johnson, an African American woman who is part-owner of the NHL\u2019s Washington Capitals and NBA\u2019s Washington Wizards.<\/p>\n

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