Michael Jordan is in serious talks to sell a majority stake in the NBA franchise he owns.
ESPN first reported Jordan’s intent to cash in on his investment in the Charlotte Hornets, who are valued by Forbes at $1.7 billion.
A group led by current Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rich Schnall are poised to grab Jordan’s majority stake.
Jordan, who is the only black owner among the NBA’s 30 franchises, would remain as a minority owner, ESPN reported.
Jordan sold a piece of the team to Plotkin, who made his fortune as the founder and chief investment officer at Melvin Capital, a few years back.
The Chicago Bulls legend, rated by many as the greatest player in history, originally paid $275 million for a majority stake in the team in 2010, meaning he is likely to quadruple his investment.