. Now, 13 years later, Jordan has completed the sale of his majority stake in the Hornets. The 60-year-old, who is from North Carolina, decided to sell his majority stake for £2.36 billion ($3 billion) after 13 years at the helm. The new owners are a group led by Rick Schnall and Gabe Plotkin, with the deal now officially confirmed. The Hornets did not win an NBA Championship during Jordan's tenure in charge of the franchise. The 2022-23 season finished 27-55 and in a disappointing 14th final position in the Eastern Conference. In the NBA Draft Lottery, the Hornets were awarded the No.2 overall pick and selected Brandon Miller from Alabama. Jordan, who will still retain a minority stake in the franchise, met with Miller before the draft. Jordan wrote an open letter to Hornets fans after news of the sale to Plotkin and Schnall was confirmed. The Chicago Bulls icon took the opportunity to thank Hornets fans, as well as explain the reason for his decision to sell the franchise. 'Although my love for the game of basketball and the NBA remain strong, now is the right time for me to hand over the reins and focus on my family, my personal interests and some new challenges,' said Jordan. 'I'm excited to see what the future holds, and I look forward to supporting the team and the community in my new role for many years to come. 'This is a Thank You, not a goodbye, because the state of North Carolina, the city of Charlotte and the Hornets will always have a special place in my heart.' Jordan added: 'Thirteen years ago, I had the honour of becoming the major){kind=link}
Michael Jordan has written an open letter following the $3 billion sale of his majority stake in the Charlotte Hornets as the NBA legend explains the reasons behind his decision
NBA legend Michael Jordan has explained his decision to sell his majority stake in the Charlotte Hornets.
Jordan had been the owner of the Hornets since 2010 when he initially completed a purchase of the NBA franchise for £216 million ($275 million). Now, 13 years later, Jordan has completed the sale of his majority stake in the Hornets.
The 60-year-old, who is from North Carolina, decided to sell his majority stake for £2.36 billion ($3 billion) after 13 years at the helm. The new owners are a group led by Rick Schnall and Gabe Plotkin, with the deal now officially confirmed.
The Hornets did not win an NBA Championship during Jordan’s tenure in charge of the franchise. The 2022-23 season finished 27-55 and in a disappointing 14th final position in the Eastern Conference.