The NBA’s Charlotte Hornets announced on Friday that basketball star Michael Jordan had agreed to sell a controlling interest in the franchise to an investing group.
Rick Schnall, co-president of the private equity firm Clayton, Dubilier & Rice, and Gabe Plotkin, chief investment officer at Tallwoods Capital LLC, are in charge of the purchasing group.
According to a news statement from Hornets Sports & Entertainment, the group also consists of artists J. Cole and Eric Church. The announcement did not include any financial information.
According to the team, Jordan will still own a small portion of the business. The National Basketball Association must approve the trade.
For $275 million, Jordan purchased a majority stake in the Hornets in 2010. The squad has been the only one in the league with majority Black ownership.
According to a story on ESPN.com that quoted league insiders, Jordan’s interest was worth roughly $3 billion.
Jordan, who is often regarded as the best basketball player in history, led teams to six NBA championships, was named the league’s Most Valuable Player five times, and won two Olympic Gold Medals. In 2003, he played his last game as a professional.
Jordan’s term as the only Black owner of an NBA franchise, though, hasn’t been as fruitful.
Only three times during his 13-year rule did Charlotte make it to the playoffs, and each time they were eliminated in the first round.
With 27 wins and 55 losses during the previous campaign, Charlotte ended one spot off the bottom of the Eastern Conference.
Ben Affleck’s film “Air,” which was released earlier this year, detailed the beginning of Jordan’s profitable alliance with Nike.