Why does Michael Jordan want to sell Hornets? Real reason behind sale explored

Michael Jordan was rumored to be in serious talks about selling his majority stake with the Charlotte Hornets last month. Jordan has been the majority owner of the Hornets since February 2010 after purchasing the team from Robert L. Johnson for $275 million.

According to Adrian Wojnarowski of ESPN, Jordan would remain a minority owner of the Hornets if a deal is made. The group looking to buy the majority of the Hornets is led by businessmen Gabe Plotkin and Rick Schnall.

Plotkin is already a minority owner of the Hornets, while Schnall is one of the minority owners of the Atlanta Hawks. If the sale pushes through, both Plotkin and Schnall will become co-governors of the Hornets with MJ.

A week after Adrian Wojnarowski's report, Jump Management, Michael Jordan's family's company, released a statement regarding the potential sale. It was revealed that Gabe Plotkin and his group are just looking to buy an additional stake from the team and it's unclear if a deal will happen.

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"Four years ago, Michael Jordan sold a stake in the Charlotte Hornets to a Gabe Plotkin-led group," the statement said. "As a natural step in a process due to that transaction, Michael and Gabe are in discussions about his group potentially buying an additional stake. At this time, it is unclear whether an additional sale will take place."

Jordan sold a minority stake in the Hornets to Plotkin, the founder of Melvin Capital, and Daniel Sundheim of DI Capital in 2019. The Hornets might have failed at a basketball-point of view, but its value has increased to $1.7 billion since "His Airness" took over in 2010.

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Adam Silver on Michael Jordan potentially selling the Charlotte Hornets

Steve Ballmer, Adam Silver and Michael Jordan

NBA commissioner Adam Silver was asked about Michael Jordan possibly selling the Charlotte Hornets in a press conference at the end of March. Silver told reporters that he has already spoken to Jordan about it and the Chicago Bulls legend will remain an alternate governor if the sale happens.

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"One thing Michael has told me is that whether or not that transaction gets done, he will remain governor in the league," Silver said. "Technically maybe the alternate governor instead of the governor, so he'll still stay very involved. He'd still continue to have an interest in the league."

Jordan is probably the most important player in the history of the NBA. He helped make the sport of basketball popular worldwide during his prime in the 1990s. His tenure as the owner of the Charlotte Hornets might not be his brightest achievement, but his presence remains an undeniable asset for the league.

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