Michael Jordan is selling the majority of the Charlotte Hornets.

With Jordan's sale of the Charlotte Hornets' majority stake, the NBA will no longer have any Black majority ownership.

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The Hornets revealed that Jordan is selling to a group led by Gabe Plotkin and Rick Schnall.

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Since 2019, Plotkin has held a minority stake in the Hornets. Schnall is selling his minority ownership in the Atlanta Hawks, which he has held since 2015.

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The length of time it will take for the NBA Board of Governors to approve the deal is unknown. Jordan anticipates holding onto a tiny stake in the Hornets, which he bought in 2010 for $275 million.

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Silver said the Board of Governors is emphasising ownership group diversity in the finals press conference.

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The problems facing the Hornets alarmed Jordan. In 2020, he signaled his desire to quit NBA ownership by selling a minority stake to Plotkin and Sundheim.

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Jordan's Hornets only had one winning season in the following seven years, and twice as the 10 seed, they were eliminated early from the play-in round.

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Since 2001–2002, Charlotte hasn't won an NBA championship or a playoff series.

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