NBA legend Michael Jordan is selling the Charlotte Hornets at a price tag of about $3 billion, sources told ESPN. The basketball icon first purchased his large stake in the team for $275 million in 2010, becoming the league’s only Black majority owner. Although Jordan is reportedly handing the Hornets off to a group led by Gabe Plotkin, a minority owner in the team, and Rick Schnall, a minority owner in the Atlanta Hawks, he plans to keep a smaller stake and stick around the franchise. His oversight will not end until after the NBA draft and start of free agency, according to ESPN.
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