Michael Jordan in talks to sell stake in Charlotte Hornets

Former North Carolina Tar Heel and Chicago Bulls legend Michael Jordan is reportedly looking to move on from the Charlotte Hornets.

ESPN’s Adrian Wojnarowski is reporting that Jordan has engaged in talks to sell the majority stake in the Hornets franchise. Jordan would sell the stake to an ownership group led by current minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.

While no deal is imminent, Wojnarowski did say that there is significant momentum in the talks. That leads us to believe it will get done barring some hold up.

In 2006 Jordan became a minority owner for the then Charlotte Bobcats before buying a majority stake in 2010 for $275 million. As of now, Forbes estimates the Hornets are worth $1.7 billion with only three other teams worth less in the league.

Jordan is expected to hold on to a minority share of the team if there is a deal that goes through.

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Story originally appeared on Tarheels Wire