The doomed fate of the Charlotte Hornets has further aggravated this season on the back of lackluster performances and injuries of key players. The situation has finally prompted Michael Jordan to consider selling his majority stake in the team. Amid the shocking new update, a controversial millionaire finds himself associated with the messy scene despite a $6.8 crash in the past.

The Chicago Bulls legend Michael Jordan has been the epitome of success both on and off the court since the late 80s. However,  has not been able to replicate the same success as the owner of the Charlotte Hornets. While the Bulls, lead by His Airness, bagged two three-peats in the span of a decade, the Hornets have failed to make the playoffs repeatedly, leave alone winning an NBA title.

After being taunted by back-to-back defeats, a serious injury befell the Hornets centerpiece LaMelo Ball. Things got so chaotic for the Charlotte side that several fans harshly demanded that Jordan should walk out of the Hornets deal. As per recent reports, there is a chance that MJ might fulfill his fans’ wishes. However, even that move won’t be without any complications.

Michael Jordan is likely to cross paths with a controversial millionaire

Hir Airness had bought a majority stake in the Charlotte Hornets for $275 million in 2010. However, according to a recent ESPN report, the Chicago Bulls legend is in “serious talks” to sell this majority stake in the franchise.

As it turns out, Jordan is looking forward to selling his stake to a consortium led by Gabriel Plotkin and Rick Schnall. The former holds a minority stake in the Hornets and the latter holds a minority share in the Atlanta Hawks.

Gabe Plotkin has been a newsmaker since his capital hedge fund, Melvin Capital, lost around $6.8 billion in 2021. Plotkin suffered this crash after his firm shorted the GameStop stocks, which ended up soaring to incredible highs. The stock shot up after a plethora of short sellers went bullish to cover their short position. Following the massive loss, Plotkin’s firm had to wound up.

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Given the harsh sentiment of the fans and the side’s inability to perform, Jordan can redeem himself by selling the Hornets. However, if it remains to be seen how fans react to the franchise’s reigns going to someone like Plotkin who is infamous in the market for his actions.

Rebuilding remains the last resort for the Hornets

Though many fans went berserk on Michael Jordan to sell the North Carolina franchise, some of them insisted that His Airness rebuild the side by bringing in fresh blood. NBA stars turned analysts too had a similar opinion. Many have opined that MJ should bring in the French prodigy Victor Wembanyama for the betterment of the side.

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Though Plotkin and Schnall can rebuild the team, Plotkin’s ill reputation surrounding the crash of his hedge fund will pose a threat to the financial stability of the team. Moreover, the Hornets have had the reputation of being a basketball team owned by the game’s greatest. That reputation won’t last if the team goes to the hands of market participants.