Basketball legend Michael Jordan (60) is apparently planning to retire from the NBA business! As “ESPN” reports, he is allegedly dealing with a momentous partial sale of his shares in the NBA club Charlotte Hornets.
According to the report, the 60-year-old is in “serious” negotiations with Gabe Plotkin (the Hornets’ minority shareholder) and Rick Schnall (the Atlanta Hawks’ minority shareholder).
Don’t panic, fans! Jordan also wants to keep a minority stake. However, a deal is not in the towel yet.
Charlotte Hornets sportingly rather moderately successful
The Hornets were valued at $1.7 billion by Forbes magazine last October — the fourth lowest among 30 NBA clubs. In the past 12 seasons, Jordan’s team has only made the playoffs twice, both times finishing in the first round.
In 2010, five-time MVP and Chicago Bulls legend Jordan bought the franchise for $275 million and had been a minority shareholder since 2006. Jordan is the only black majority owner in the entire league.