Report: Michael Jordan preparing to sell majority stake of Charlotte Hornets

Michael Jordan is preparing to sell the Charlotte Hornets.

Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, according to ESPN’s Adrian Wojnarowski.

Specifics regarding that deal are not yet known. Jordan is expected to keep a minority stake, but would make Plotkin and Schnall co-governors.

Jordan took over as the controlling owner of the franchise in 2010, though he’s been a minority owner there since 2006. The team has made the playoffs just three times since Jordan took over as the majority owner, but they have never made it out of the first round.

This post will be updated with more information shortly.