ESPN’s Adrian Wojnarowski broke news that we’ve been expecting all summer. Charlotte Hornets owner Michael Jordan is finalizing talks to sell a majority stake in the NBA franchise to a group led by current Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. It is unclear how much of the franchise Jordan will sell, but he is expected to retain a minority stake.
The Hornets are in the midst of one of the most important offseasons in team history including the 2nd overall pick in the NBA Draft. What effect will the sale have on those decisions?
The potential sale has raised concerns about whether the team would relocate from Charlotte. Although new owners may not have strong ties to the city and the team may not be selling out every night, moving the franchise would be expensive and complicated. Additionally, the Hornets have a lease at the Spectrum Center until 2045, and any new contract would include $215 million in renovations. If a sale does occur, it could lead to changes in the front office and coaching staff, but the timeline for a deal is uncertain.
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