Michael Jordan's £1.3bn net worth set for huge drop as NBA icon sells Charlotte Hornets

Basketball god Michael Jordan is on the brink of selling his majority stake in NBA team the Charlotte Hornets, according to reports. And in doing so, the sporting great turned Hollywood star is set to see his own net worth reduce.

ESPN's Adrian Wojnarowski has claimed that sources have told him that the former Chicago Bulls legend will sell his stake to a consortium led by Gabe Plotkin and Rick Schnall, receiving £2.3bn ($3bn) in return.

The six-time NBA Championship winner has done business with Plotkin before, selling him a large minority stake in 2010, alongside Daniel Sundheim, who is also involved in the consortium now buying out Jordan.

They have only reached the playoffs twice in 2014 and 2016 but were despatched at the first time of asking on both occasions by the Miami Heat. In the seven years since they have never finished higher than ninth in the Eastern Conference. Their last campaign ended with them languishing in 14th place on the back of a 27-55 record.