Michael Jordan's sale of majority ownership of Hornets to Gabe Plotkin and Rick Schnall is finalized

abcnews.go.com:

The Charlotte Hornets have announced that the sale of the majority stake in the franchise from six-time NBA champion Michael Jordan to Gabe Plotkin and Rick Schnall has been finalized

CHARLOTTE, N.C. — The sale of the majority stake of the Charlotte Hornets from six-time NBA champion Michael Jordan to Gabe Plotkin and Rick Schnall has been finalized, the team announced Thursday.

The Hornets planned to introduce Plotkin and Schnall at a news conference later in the day.

Jordan, who has owned the team for the past 13 years, said in a news release that it was a “tremendous honor” to own the Hornets but didn’t give an explanation for why he sold the franchise.

He will remain on as a minority owner.

“I’m proud of all that the organization accomplished: the exciting on-court moments, the return of the Hornets name, Charlotte hosting the 2019 NBA All-Star Game and HSE (Hornets Sports and Entertainment) becoming a true pillar of this community," Jordan said. “Through the years, the unwavering commitment, passion and loyalty of our Hornets fans has been incredible. As I transition into a minority ownership role, I’m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick.”

Jordan added: «I know the Hornets organization is in great hands moving forward. I’m excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead.”

The Hornets never won a playoff series under Jordan and haven't been to the postseason in the last seven seasons, the longest drought in the NBA.

“We want to thank Michael for this opportunity, as well as his support throughout this process,» Plotkin and Schnall said in a joint statement.