Michael Jordan is finalizing a sale of his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday.
Basketball icon Michael Jordan has reached an agreement to sell his majority stake in the NBA’s Charlotte Hornets to wealthy investors Gabe Plotkin and Rick Schnall, as confirmed by a representative for Jordan on Friday.
The terms of the deal have not been disclosed, but Jordan will retain a minority ownership in the team as part of the agreement.
Michael Jordan initially acquired a minority interest in the Hornets before becoming the majority stakeholder in 2010 for $275 million. During his ownership, the Hornets have faced challenges, making the playoffs only twice.
Gabe Plotkin, who acquired a minority stake in the Hornets in 2019, is the founder of investment management firm Tallwoods Capital. He has also served as an alternate governor on the NBA Board of Governors.
Rick Schnall, co-president of private equity firm Clayton, Dubilier & Rice, has been a minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015. He is currently in the process of selling his investment in the Hawks.
The buyer group also includes billionaire Dan Sundheim, owner of D1 Capital, as well as North Carolina musicians J. Cole and Eric Church.
The sale encompasses other assets within the Hornets Sports Entertainment group, such as the Greensboro Swarm, the team’s G League affiliate, Hornets Venom GT, the esports team, and the management and operation of the Spectrum Center, the home arena of the Hornets.
The transaction is subject to approval by the NBA Board of Governors.
According to Forbes, the Hornets are valued at $1.7 billion, ranking 27th among the 30 teams in the NBA