Michael Jordan selling part of Hornets to two New York investors

The team has made just three postseason appearances in the last decade and hasn't won a single playoff series during that span.

Hornets majority owner Michael Jordan is bringing two New York investors into the fold in Gabe Plotkin and Daniel Sundheim. Plotkin is a founder of Melvin Capital while Sundheim is a founder of DI Capital.

Hornets majority owner Michael Jordan is bringing two New York investors into the fold in Gabe Plotkin and Daniel Sundheim. Plotkin is a founder of Melvin Capital while Sundheim is a founder of DI Capital.   -  Getty Images

Michael Jordan owns roughly 97 percent of Charlotte's NBA franchise, but he's in the process of selling a "large chunk" of the team, according to the Charlotte Observer.

The Hornets' majority owner is bringing two New York investors into the fold in Gabe Plotkin and Daniel Sundheim, the team announced on Saturday. Plotkin is a founder of Melvin Capital while Sundheim is a founder of DI Capital.

Both still need to be approved by the NBA, but the Observer's report states the deal should be finalized in the coming weeks.

Jordan is excited about the things this new partnership can bring to Charlotte.

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“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.”

A source familiar with Jordan's thinking told the Observer the basketball icon likely plans to own and run the team for “a good, long time."

Jordan acquired control of the Hornets from Bob Johnson in 2010.

The team has made just three postseason appearances in the last decade and hasn't won a single playoff series during that span.