>The six-time NBA champion and five-time MVP became the league’s only Black majority owner when he purchased the Hornets, who were originally named the Bobcats in 2010 for $275 million.

According to Forbes, the Hornets are valued at $1.7 billion. Initially, Jordan became an investor in the team back in 2006 before buying a controlling interest in 2010.

Jordan will retain a minority stake in the franchise. 

Wojnarowski reports that a deal is not imminent but negotiations have significant momentum and the sale would make Plotkin and Schnall co-governors of the Hornets.