Charlotte Hornets owner, Michael Jordan, is reportedly in talks to sell a majority stake in the team to a group led by Gabe Plotkin and Rick Schnall, according to sources who spoke with ESPN on Thursday.
If completed, the deal would eventually see Plotkin and Schnall become co-governors of the Hornets, while Jordan would retain a minority stake in the franchise.
While no agreement is imminent, there is said to be significant momentum behind the potential sale.
Jordan previously sold a significant minority stake to Plotkin and Daniel Sundheim in 2020, with Sundheim now also thought to be part of the group working to buy the team.
Jordan, who is widely regarded as one of the greatest basketball players of all time, paid US$275 million for a majority stake in the Hornets in 2010 and has owned the team for 13 years.
Schnall is currently the co-president at private equity firm Clayton, Dubilier & Rice in New York and was part of a group that purchased the Atlanta Hawks in 2015 for US$850 million, alongside majority owner Tony Ressler and Grant Hill.
