PHOENIX SUNS

NBA Board of Governors approves sale of Charlotte Hornets, Jordan remains as minority owner

Jul 23, 2023, 7:00 PM | Updated: Jul 24, 2023, 7:36 am

Michael Jordan...

Charlotte Hornets owner Michael Jordan answers a question during a news conference, Tuesday, June 23, 2015, to announce Charlotte, N.C., as the site of the 2017 NBA All-Star basketball game. (AP Photo/Chuck Burton)

(AP Photo/Chuck Burton)

CHARLOTTE, N.C. (AP) — The NBA Board of Governors has voted to approve Michael Jordan’s sale of the Charlotte Hornets to an ownership group led by Gabe Plotkin and Rick Schnall, according to a person familiar with the situation.

The person spoke to The Associated Press on Sunday on condition of anonymity because the sale won’t become official for at least another week.

The decision ends Jordan’s 13-year run as majority owner of the franchise. He will remain on as a minority owner.

Jordan agreed to sell the team on June 16. However, when an NBA owner decides to sell it first must be approved by the league’s Board of Governors.

Jordan’s decision to sell leaves the NBA without a Black majority owner.

Plotkin has been a minority stakeholder with the Hornets since 2019, while Schnall has been a minority owner of the Atlanta Hawks since 2015. He has been forced to sell his investment in that team.

The sale price is reportedly around $3 billion, according to ESPN.

As an owner Jordan never came close to matching his success as a player, where he won six NBA titles with the Chicago Bulls while becoming one of the game’s greatest players ever.

Charlotte went 423-600 under Jordan, the 26th-best record over that span.

The Hornets never won a playoff series in that time and haven’t been to the postseason in the past seven seasons.

The owner members of the Hornets new ownership group include artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.

Phoenix Suns

Kevin Durant and Keita Bates-Diop...

Arizona Sports

36 unbothered: Kevin Durant finally can be integrated with Phoenix Suns

Kevin Durant got 19 games with the Phoenix Suns last year. Despite shooting struggles at points, he showed his greatness.

5 hours ago

Damion Lee, Josh Okogie...

Arizona Sports

36 unbothered: Suns do have some continuity with returning bench players

Damion Lee and Josh Okogie are some of the few returning bench players for the Phoenix Suns, but they key play key roles in 2023-24.

1 day ago

Deandre Ayton, Bahamas...

Arizona Sports

36 unbothered: The Suns have put in the work this summer

Phoenix Suns, starting with Devin Booker, Kevin Durant and Bradley Beal, have spent time on and off the court with each other this offseason.

2 days ago

Devin Booker and Kevin Durant of the Phoenix Suns...

Arizona Sports

36 unbothered: Counting down the days to the Suns’ opener

We start the 36 unbothered countdown by hitting on Devin Booker, who has remained a constant for the Phoenix Suns as he enters his prime.

3 days ago

Joakim Noah...

Arizona Sports

Joakim Noah explains the viral Devin Booker ‘double-team’ video

Joakim Noah said his back-and-forth with Devin Booker over a double team in a 2019 pickup game was overblown.

6 days ago

Devin Booker #1 of the Phoenix Suns dribbles during the third quarter against the LA Clippers in ga...

Kellan Olson

Phoenix Suns giving away TV antennas for free local viewing

The Phoenix Suns are giving away free antennas for televisions to fans in the Valley, assisting many in viewing the games for free.

7 days ago

NBA Board of Governors approves sale of Charlotte Hornets, Jordan remains as minority owner