NBA Rumors: Michael Jordan might remain as 'alternate governor' after selling stake in the Hornets

There have been rumors that Michael Jordan could be looking to sell his majority stake in the Charlotte Hornets. NBA commissioner Adam Silver recently shared that the NBA Hall of Famer could stay in a prominent role even if he sells his stake, according to ESPN's Tim Bontemps, who stated:

"Adam Silver says Michael Jordan has indicated to him that if he sells his majority stake in the Hornets, he will remain an alternate governor and will still have an active interest in the future of the league and will be part of it going forward."

Check out Tim Bontemps' tweet regarding Michael Jordan below:

Tim Bontemps

@TimBontemps

Adam Silver says Michael Jordan has indicated to him that if he sells his majority stake in the Hornets, he will remain an alternate governor and will still have an active interest in the future of the league and will be part of it going forward.

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Adam Silver says Michael Jordan has indicated to him that if he sells his majority stake in the Hornets, he will remain an alternate governor and will still have an active interest in the future of the league and will be part of it going forward.

It is unclear if Jordan will go through with the sale of the Charlotte Hornets. The six-time NBA champion bought into the ownership group as a minority owner in 2006. Four years later, in 2010, the NBA Hall of Famer reportedly spent $275 million to become the majority owner of the Hornets.

He reportedly sold 20% of the Hornets to Gabe Plotkin (founder and chief investment officer of Melvin Capital) and Daniel Sundheim (founder and chief investment officer of D1 Capital) in 2020. Jordan reportedly made $300 million from the sale, meaning that he has already made his money back from his buy-in price.

If he goes through with selling the remaining 80%, the five-time NBA MVP stands to make close to $1.5 billion as the franchise is currently valued at $1.77 billion. While it is unclear what sparked his interest in selling the Hornets, if Jordan does indeed move on from NBA ownership, he stands to make a tremendous profit for his 13-year investment.

Michael Jordan reportedly in talks to sell the Hornets

Michael Jordan may be looking to sell his majority stake in the Charlotte Hornets, according to ESPN's Adrian Wojnarowski, who tweeted:

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"ESPN Sources: Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall."

"No deal is imminent, but there’s significant momentum on a sale that would eventually install Plotkin and Schnall as the co-governors of the Hornets, sources said. If sale is completed, Jordan would be expected to keep a minority stake in team."

Check out Adrian Wojnarowski's tweets below:

Adrian Wojnarowski

@wojespn

ESPN Sources: Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.

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Adrian Wojnarowski

@wojespn

No deal is imminent, but there’s significant momentum on a sale that would eventually install Plotkin and Schnall as the co-governors of the Hornets, sources said. If sale is completed, Jordan would be expected to keep a minority stake in team.

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While Jordan has not publicly commented on reports that he may be looking to sell, Adam Silver's comments seemingly confirm the news. It is unclear if a sale will indeed go through, however, Jordan stands to make a fortune if it does.

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