Michael Jordan to Sell Majority Stake in Charlotte Hornets

Closing Bell

Michael Jordan has announced he's going to sell his majority stake in the NBA'S Charlotte Hornets. Jordan will retain minority ownership as part of the deal with the majority going to investors. Gape Plotkin and Rick Schnall. They have both served on the NBA Board of Governors. Well, Jordan purchased his majority stake in the Hornets back in 2010 for $275 million. The team has struggled since then only making the playoffs two times.