Michael Jordan‘s run as owner of the Charlotte Hornets is coming to an end — the basketball legend has agreed to sell the team to a group that includes several A-list stars.
The Hall of Famer will hand the reins over to businessmen Gabe Plotkin (who already owns part of the Hornets) and Rick Schnall.
The buyer group also includes rapper J. Cole and country singer Eric Church, the team announced Friday.
MJ initially bought a minority stake of the franchise back in 2006 … and took the position of Managing Member of Basketball Operations.
He became a majority owner in 2010 … buying the rest of the team from BET founder Robert L. Johnson for $275 million.
The two sides will put pen to paper in the next few days, according to reports.
Plotkin bought part of the Hornets back in 2019 … a move that, in hindsight, is now considered the first step in phasing Jordan out of ownership.
Plotkin is the founder of Tallwoods Capital … and Schnall is co-president of Clayton, Dubilier & Rice, a private equity firm.
Jordan — who will keep a minority stake in the Hornets — will oversee basketball ops through the NBA Draft next week … as well as the start of free agency in July.
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