Superstar Michael Jordan, considered the greatest player in NBA history, is in talks to sell his majority stake in the Charlotte Hornets franchise, ESPN reported Thursday.
The 60-year-old former basketball player, who has owned the team since 2010, is in “serious talks” with a group led by businessmen Gabe Plotkin and Rick Schnall, according to knowledgeable journalist Adrian Wojnarowski.
“A deal is not imminent, but there is significant momentum ahead of the sale, which would make them the new co-owners of the Hornets,” he added.
Jordan, a former player at Charlotte’s home state of North Carolina, will retain a minority stake in the franchise if the deal goes through, ESPN continues to report.
Plotkin, who is worth about $300 million according to Forbes, is already a minority shareholder in the Hornets, while Schnall owns shares in another NBA franchise, the Atlanta Hawks.
In a study released in October, Forbes ranked the Hornets 27th out of the league’s 30 most valuable teams, with a net worth of about $1.7 billion.
Jordan paid about $275 million in 2010 to become the majority shareholder, becoming the first former NBA player to own a team.
Under his leadership, the Hornets have achieved mediocre results so far, with only three games in the first round of the playoffs.