Michael Jordan 'agrees to sell Charlotte Hornets' after 13 years as owner of NBA franchise

Michael Jordan has agreed to sell the Charlotte Hornets after 13 years in charge of the NBA franchise, according to a report.

Per ESPN insider Adrian Wojnarowski, basketball legend Jordan is set to end his tenure in charge by selling to a group led by Gabe Plotkin - who already owns a minority stake with the Hornets – and Rick Schnall, with an agreement expected to be signed in the coming days, sources said.

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Six-time NBA champion and five-time MVP Jordan paid $275m for a majority stake in the franchise in 2010, is expected to pocket over $1bn profit, with the Hornets now worth $1.77bn despite achieving little on court success during his time in charge with only two trips to the playoffs, which both ended in first-round exits.

According to the report by ESPN, Jordan will oversee franchise operations through next week's NBA Draft and the beginning of free agency. He is expected to retain a minority stake in the Hornets after the sale, which will be completed once the NBA completes its vetting and approval process.

Schnall, who owns a stake in the the Atlanta Hawks, and Plotkin, who already owns a stake with the Hornets purchased in 2020, will become the team's governors once the league signals its approval.

The Hornets hold the No 2 pick in Thursday's NBA draft after another disappointing season where many of their top players were injured for long spells.