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.

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

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.

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.

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

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.

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.

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