NBA legend Michael Jordan has officially sold his majority stakes in the Charlotte Hornets after 13 years leading the organziation.

After 13 years of running the Charlotte Hornets franchise, Michael Jordan is officially stepping down as the majority owner of the organization. On Thursday, the team announced that the sale of the majority stakes owned by Jordan to a group led by Gabe Plotkin and Rick Schnall has been finalized an approved by the NBA’s Board of Governors.

As part of the final deal, Jordan will retain a minority ownership share of the team and he will serve as alternate governor of the franchise.

“The opportunity to be the majority owner of the Charlotte Hornets in my home state of North Carolina for the last 13 years has been a tremendous honor,” Jordan said in a press release on Thursday. “I’m proud of all that the organization accomplished: the exciting on-court moments, the return of the Hornets name, Charlotte hosting the 2019 NBA All-Star Game and HSE becoming a true pillar of this community. Through the years, the unwavering commitment, passion and loyalty of our Hornets fans has been incredible.

“As I transition into a minority ownership role, I’m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick. I know the Hornets organization is in great hands moving forward. I’m excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead.”

Originally becoming the part-owner and head of basketball operations of the Charlotte Bobcats in 2008, Jordan bought a controlling interest of the franchise in 2010. Over his time leading the organization and front office, Charlotte made the playoffs just twice, finishing 10 of the last 13 seasons with a losing record.

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The sale of the team was agreed upon in the middle of June, but there were several steps that needed to be taken before everything could be finalized. Now, Plotkin and Schnall will take over as the controlling owners of the organization.

The Hornets finished the 2022-23 season with a 27-55 record, marking the seventh consecutive season in which they have missed the playoffs. With All-Star LaMelo Ball receiving a new five-year, $260 million contract extension and the team drafting Brandon Miller second overall

Source: clutchpoints.com