Basketball legend Michael Jordan is selling his majority ownership of the Charlotte Hornets, the team announced on Friday.
Jordan will retain minority ownership but is selling his majority ownership to an investment group led by Gabe Plotkin and Rick Schnall.
Jordan secured a majority stake in the Hornets in 2010 for $275 million.
Plotkin acquired a minority stake in the Hornets in 2019, the team said. Schnall is co-president of Clayton, Dubilier & Rice LLC and has been a minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015.
Jordan is one of the greatest professional athletes in the world, winning six championships with the Chicago Bulls and six NBA Finals MVP awards.
