Michael Jordan selling off large piece of Charlotte Hornets, retaining majority control of club

Michael Jordan will sell a large chunk of his stake in the Charlotte Hornets to two New York-based investors but will still retain majority ownership of the franchise, the team announced on Saturday. The NBA great is bringing in Gabe Plotkin, the founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital, as partners. The transaction is subject to NBA approval.

Once the deal is approved, Jordan will continue to run the club, which last season went 39-43 and missed the playoffs for the third straight season.

"I'm excited to welcome Gabe and Dan as my partners in Hornets Sports & Entertainment," Jordan said in a statement. "While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team's NBA Governor, Gabe and Dan's investment in the franchise is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA. Both Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for the game of basketball. They share my commitment to Charlotte and the Carolinas, and I look forward to working with and learning from them."

In 2010 Jordan paid then-owner Bob Johnson about $180 million to take majority control of the franchise. Today he's the only former NBA player with a controlling stake in a franchise.

Since Jordan's takeover of the Hornets, the team has gone 297-425 and has missed the playoffs in seven of nine seasons.

Earlier this year Forbes estimated the Hornets to be worth $1.3 billion, which ranks 28th of the 30 NBA teams.