Michael Jordan is selling his majority stake in the Charlotte Hornets National Basketball Association (NBA) team and is poised to make about 10 times his original investment from the sale.
Six-time NBA champion Jordan initially invested $275 million for a majority stake in the team in 2010 and is set to sell his position for about $3 billion, according to an ESPN report citing league sources.
Jordan, who is currently the league’s only Black majority owner, will retain a minority ownership share of the team, according to a statement from the Hornets.
He is selling his stake to a group led by Gabe Plotkin, a minority owner since 2019, and Rick Schnall, a minority owner of the Atlanta Hawks since 2015 who is in the process of selling his investment in that team.
The group also includes North Carolina musicians J. Cole and Eric Church.
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