Michael Jordan agreed to sell a “large piece” of the Charlotte Hornets to a pair of New York-based investors on Saturday, though will retain majority control of the team, according to the Charlotte Observer.
Jordan is selling parts of the team to Melvin Capital founder Gabe Plotkin and DI Capital founder Daniel Sundheim. The two still need to be approved by the NBA before the sale can go through, though that is expected to be made official in the coming weeks, according to the Observer. It’s not yet clear how much of the team Jordan is selling.
Jordan purchased the organization in 2010 for $275 million, taking over from former owner Bob Johnson. He became a minority investor with the team in 2006, and held the final say on basketball decisions. According to Forbes, the franchise is currently worth $1.3 billion — the third-lowest in the league. By comparison, the New York Knicks are worth $4 billion.
Despite the sale, though, Jordan still plans to own and run the Hornets for “a good, long time,” per the report. He currently owns about 97 percent of the team, and “is attracted to adding investors with deep resources who might offer new ideas regarding technology advances,” according to the Observer.
The Hornets have struggled under Jordan’s leadership, however. Since the Hall of Famer took over in 2010, the team has made the playoffs just twice and has only compiled a winning record two times. The Bobcats won just seven games during the 2011-12 season, too, and lost the final 23 games of that shortened-season. That marked the worst finish in league history.
The Hornets finished last season with a 39-43 record, just narrowly missing the final spot in the playoffs.