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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. The Hornets plan to introduce Plotkin and Schnall at a news conference Thursday. Jordan, who has owned the team for the past 13 years, said in a news release it has been a "tremendous honor" to own the Hornets but didn't give an explanation for why he sold the team. Jordan will remain on as a minority owner.

The timing of Michael Jordan’s decision to sell his majority stake in the Charlotte Hornets leaves the franchise in flux, with several key personnel decisions upcoming. The Hornets have the No. 2 pick in the NBA draft next week. They also have some difficult decisions to make in free agency, including whether to re-sign embattled restricted free agent Miles Bridges.

Michael Jordan is finalizing a deal to sell the majority share of the Charlotte Hornets, a move that will end his 13-year run overseeing the organization, the team announced Friday. Jordan is selling to a group led by Gabe Plotkin and Rick Schnall, the Hornets said. Plotkin has been a minority stakeholder in the Hornets since 2019. Schnall has been a minority owner of the Atlanta Hawks since 2015 and is in the process of selling his investment in that team.

AP

One of the top sports car racers in the world will make his NASCAR debut when Kamui Kobayashi drives for Toyota on the Indianapolis Motor Speedway road course in August. Kobayashi will drive for 23XI Racing. The team is owned by Denny Hamlin and Michael Jordan. The announcement at the 24 Hours of Le Mans makes Kobayashi only the second Japanese driver to race in NASCAR's top Cup Series and only the fifth to race in the top three national series.Â