According to an announcement made by the NBA basketball franchise, Michael Jordan has reached an agreement to sell the majority of his investment in the Charlotte Hornets.
The specifics of the transaction have not been made public, although ESPN has reported that the Hornets have a value of approximately $3 billion (£2 billion).
When the deal is finalised, Jordan’s tenure as the primary owner of the Hornets, which he has held for the past 13 years, will come to an end.
Michael Jordan to sell Charlotte Hornets NBA team
After the sale of the franchise to a consortium of investors, Jordan, who is at this time the only black majority team owner in the NBA, will retain a minority share in the business.
Both Gabe Plotkin, a current minority owner, and Rick Schnall, also a minority owner of the Atlanta Hawks, serve as the group’s primary funders and leaders.
On the other hand, it has been disclosed that Mr. Schnall will be selling his ownership stake in the Hawks.
In addition, North Carolina rapper Jermaine Cole, better known by his stage name J. Cole, and country music musician Eric Church are both members of the investment group.
Jordan has won the NBA championship a total of six times, and he has also won the Most Valuable Player award five times. He is largely regarded as the best player in NBA history.
He is the only black majority owner in the NBA as a result of his 2010 investment of $275 million to acquire a full position in the Charlotte Hornets.
Previously, he held a minority ownership stake in the basketball franchise known as the Washington Wizards.
The majority of owners in the National Basketball Association are white men, and NBA Commissioner Adam Silver has expressed the need for increased diversity at the highest levels of the league.
According to CBS, the BBC’s US media partner, Mr. Silver made a veiled reference to the prospect of Jordan becoming a member of the NBA’s governing board during a press conference held earlier in the month of June.
There are just a small number of non-white owners spread among the four main sports leagues in the United States. Kim Pegula, a woman of Asian descent, is one of the primary owners of the National Football League’s Buffalo Bills. Shad Khan, a native of Pakistan, is the proprietor of the Jacksonville Jaguars.
Arte Moreno, a Mexican American, is the owner of the Los Angeles Angels of Major League Baseball. Sheila Johnson, an African American woman, is a part-owner of the Washington Capitals of the National Hockey League and the Washington Wizards of the National Basketball Association.