Report: Jordan in 'serious talks' to sell Hornets

Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, sources told ESPN's Adrian Wojnarowski.

There's momentum on a sale that would eventually have Plotkin and Schnall take over as the Hornets' co-owners, though no deal is imminent, Wojnarowski adds. Jordan is expected to retain a minority stake in the team if the sale is completed.

The former NBA superstar sold a significant minority stake to Plotkin and Daniel Sundheim in 2020. Sundheim is part of the group working to purchase the team, sources told Wojnarowski.

Jordan, who grew up in North Carolina, bought the Hornets in 2009 - then called the Bobcats - for $275 million.

Charlotte has made three playoff appearances in Jordan's 13-year tenure as majority owner, with no postseason series victories.