Key takeaways:
- Michael Jordan is selling his majority ownership of the Charlotte Hornets to a group of investors.
- Jordan will remain a minority owner after the transaction and terms of the deal were not disclosed.
- Jordan’s decision to sell his majority stake in the Hornets is a sign of his commitment to the team’s future success.
Retired basketball superstar Michael Jordan has confirmed to CNBC that he is selling his majority ownership of the Charlotte Hornets to a group of investors led by Gabe Plotkin and Rick Schnall. The group of investors also includes North Carolina rapper Jermaine “J. Cole” Cole and country music singer Eric Church.
Jordan secured a majority stake in the Hornets in 2010 for $275 million and will remain a minority owner after the transaction. Terms of the deal were not disclosed.
The deal must still be approved by a majority of league owners before it can be finalized. Jordan is arguably the greatest professional basketball player to ever live and his ownership of the Hornets has been a source of pride for the city of Charlotte.
Jordan’s decision to sell his majority stake in the Hornets is a sign of his commitment to the team’s future success. He has been a passionate advocate for the team and its fans and his legacy will continue to be felt in the city of Charlotte.
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