Jordan finalizes sale of majority stake in Hornets

Michael Jordan's tenure as the majority owner of the Charlotte Hornets came to a close with the sale of his majority stake to Gabe Plotkin and Rick Schnall. This transition marked the end of a 13-year period during which Jordan not only held ownership but also played a pivotal role in the team's operations and strategic direction. The sale, finalized for approximately $3 billion, represents a significant financial gain for Jordan, who had originally purchased the team for $275 million. Despite relinquishing majority control, Jordan retained a minority stake in the franchise, ensuring his continued involvement in the team's future. The impact of this sale extends beyond financial metrics; it reflects a broader trend in the NBA where ownership stakes are increasingly valued. The transaction underscores the growth of the franchise's marketability and the potential for future profitability. Jordan's legacy as an owner will be scrutinized, particularly in light of the team's performance during his tenure, which included playoff appearances but also challenges in building a consistently competitive roster. As Plotkin and Schnall take the reins, they inherit a franchise with a rich history and a passionate fan base, along with the expectations that come with ownership in a league that continues to evolve.