Michael Jordan has agreed to sell a large piece of the Charlotte Hornets to two New York-based investors.
A source familiar with the deal said it does not involve the former NBA Most Valuable Player giving up majority ownership of the NBA franchise. Jordan controls about 97% of Hornets equity, two sources confirmed.
Jordan is bringing in Gabe Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital. Both prospective owners must be approved by the NBA, but that process is already underway and the sale is expected to close quickly, a league source confirmed.
Jordan paid Bob Johnson about $180 million in 2010 to take majority control of the expansion franchise. A source familiar with Jordan’s thinking said he plans to own and run the Hornets “for a long time.” Adding these investors is not expected to affect the team’s management or operation, the source said.