Potential sale of Charlotte Hornets remains uncertain

Michael Jordan’s management company didn’t add much clarity to last week’s report that the NBA legend wants to offload his majority stake in the Charlotte Hornets.

ESPN reported that Jordan was in serious talks to sell his controlling interest in the franchise he acquired for $275 million in 2010 to a group led by Hornets minority owner Gabe Plotkin.

The Hornets haven’t made a public statement since the story was published last Thursday. 

But on Wednesday, Jump Management issued a statement about the discussions. 

“Four years ago, Michael Jordan sold a stake in the Charlotte Hornets to a Gabe Plotkin-led group,” the statement noted. “As a natural step in a process due to that transaction, Michael and Gabe are in discussions about his group potentially buying an additional stake. At this time, it is unclear whether an additional sale will take place.”

Plotkin, founder of Melvin Capital, and D1 Capital founder Daniel Sundheim in 2019 bought the minority stake from Jordan in 2019. 

ESPN reported the deal was imminent and that Jordan was expected to keep a minimum stake.

The Hornets are valued at $1.7 billion — the 27th-most-valuable of 30 NBA teams, according to Forbes.