According to league insiders, Michael Jordan has agreed to sell his controlling interest in the Charlotte Hornets to a group managed by Gabe Plotkin and Rick Schnall for about $3 billion. Jordan’s 13-year reign as primary owner comes to an end with the purchase.
Once the NBA has finished its review and approval process, Schnall, a minority owner of the Atlanta Hawks, and Plotkin, a minority owner of the Charlotte Hornets, will take over as the franchise’s governors. Before the start of free agency on July 1st and through Thursday’s NBA draft, Jordan will continue to direct basketball operations.
Jordan will continue to be involved with the franchise and retain a small share after the deal is complete.
Six-time NBA champion and five-time MVP Michael Jordan is widely regarded as the greatest player in the sport’s history and has been the only Black majority owner in the league. In 2010, Jordan invested $275 million for the franchise’s controlling ownership.
According to sources, in 2020, Jordan sold a sizable minority ownership to Plotkin, the founder and chief investment officer of Melvin Capital, and Daniel Sundheim, the founder and chief investment officer of D1 Capital, who are both involved in the purchase of the Hornets.
Schnall, a co-president at the New York-based private equity company Clayton, Dubilier & Rice, bought the Hawks in 2015 for $850 million along with Grant Hill and majority owner Tony Ressler.
The Hornets currently possess the No. 2 pick in the draft following a 27-55 campaign that saw the majority of the team’s star players suffer injuries.
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