CHICAGO - The six-time NBA champion, Michael Jordan, has sold his majority stake in the Charlotte Hornets for a reported $3 billion, marking the end of his 13-year run as the team's majority owner.
Jordan initially purchased the Hornets in 2010 for $275 million and is now selling it to a group led by Gabe Plotkin and Rick Schnall. According to a statement from the Hornets, as part of the transaction, Jordan will retain a minority ownership of the team.
Prior to this sale, Michael Jordan was the only black majority owner of an NBA franchise. During his ownership, the Hornets had a .421 win percentage.
While stepping down as majority owner, Jordan will continue to oversee basketball operations through the draft on Thursday and the start of free agency on July 1st.