NBA Board Of Governors Approves Hornets Sale

The NBA Board of Governors has approved the sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. The sale will end Michael Jordan’s run of 13 years as the Hornets primary owner.

The sale is expected to be completed in the next one-to-two weeks. Jordan is retaining a minority stake in the Hornets after the sale.

The Hornets were valued at an approximate $3 billion. Jordan paid $275 million for his majority stake in the Charlotte franchise in 2010.