Michael Jordan has agreed to sell a stake in the Charlotte Hornets to add Gabe Plotkin and Daniel Sundheim as partners in Hornets Sports & Entertainment at an unspecified ownership percentage, the team announced Saturday.
The move is pending league approval, with a league source telling The Charlotte Observer's Rick Bonnell the sale is expected to close in a matter of weeks. Nevertheless, His Airness isn't going anywhere soon.
"While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team's NBA Governor, Gabe and Dan's investment in the franchise is invaluable, as we continue to modernize, add new technology, and strive to compete with the best in the NBA," Jordan announced in a team press release.
Jordan purchased approximately 65 percent of the franchise for $180 million in 2010 and has reportedly increased his stake above 80 percent in subsequent years.
Forbes estimated the franchise's present-day value at $1.3 billion earlier in 2019. That figure ranks 28th among NBA teams but still marks a significant increase over Jordan's original investment.