NBA Commissioner Adam Silver spoke on the possibility of Michael Jordan selling his majority share of the Charlotte Hornets.
“Yes there are discussions ongoing but nothing has been decided,” Adam Silver said, via Mike Vorkunov of The Athletic.
Silver said that Michael Jordan will remain an alternate governor in the NBA if he does sell his majority share of the Hornets, according to Vorkunov.
The NBA has shifted from using the term owner. Jordan becoming an alternate governor would mean that he is a minority share holder in the organization.
It was reported by Adrian Wojnarowski that Jordan is engaged in serious talks to sell a majority stake in the team to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. Jordan is reportedly expected to remain as a minority owner of the team.
Jordan first arrived in the ownership scene in Charlotte in 2006, when he bought minority stake in the then Charlotte Bobcats. He became the majority owner of the team in 2010. Gabe Plotkin bought minority stake in the team from Jordan in 2019, and now it looks that him along with Rick Schnall will take over for Jordan in the near future. Of course, Schnall would not be involved with the Hawks after this.
It has not been a good ownership tenure for Jordan, as the Hornets have not done much winning under him. It seems that he will at least take a step back from his role in the near future.