Michael Jordan sells majority stake in Charlotte Hornets for $3B.
Michael Jordan, the owner of the Charlotte Hornets, has agreed to sell his majority share in the NBA team to a group led by private equity investors Gabe Plotkin and Rick Schnall. The team was valued at $3 billion, and Jordan will remain a minority investor. The acquiring group includes country music star Eric Church and rapper J. Cole, both from North Carolina. Jordan, who won six championships with the Chicago Bulls in the 1990s, purchased the team in 2010 for $275 million. The sale of the Hornets will be the third major NBA ownership change in the past year.