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June 16 (UPI) -- NBA legend Michael Jordan agreed to see his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, the franchise announced Friday. The Hornets said the new ownership group includes recording artists J. Cole and Eric Church, as well as investors Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, among others. Jordan will retain a minority ownership share of the franchise.
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The transaction must be approved by NBA owners.
Plotkin bought a minority stake in the Hornets in 2019. He also has been an alternate governor on the NBA board of governors since 2019.
Schnall has been a minority owner of the Atlanta Hawks and an alternate governor on the NBA board of governors since 2015. He is in the process of selling his stake in the Hawks.
Jordan became part owner of the franchise -- then known as the Charlotte Bobcats -- in 2006. He gained majority control for $180 million in 2010.
Jordan was the only Black majority owner in the NBA.
The franchise went to the playoffs just twice during his tenure as majority owner, losing in the first round each time. The team totaled three winning seasons.
The Hornets went 27-55 in 2022-23, their second-worst mark under Jordan since the 2012-13 season. They hold the No. 2 overall pick in the 2023 NBA Draft.
