Michael Jordan, the legendary basketball player, has reached an agreement to sell his majority ownership stake in the Charlotte Hornets. The deal, valued at around $3 billion, will see a group led by Gabe Plotkin and Rick Schnall take over the majority ownership.
This marks the end of Jordan’s 13-year tenure as the majority owner of the team. Schnall, who is currently a minority owner of the Atlanta Hawks, and Plotkin, a minority owner of the Hornets, will assume the role of franchise governors pending the NBA’s vetting and approval process.
Despite the ownership change, Jordan will remain involved in overseeing basketball operations until the NBA draft and the start of free agency in July.
Following the completion of the sale, Michael Jordan will retain a minority stake in the Charlotte Hornets and continue to have a presence within the franchise.
Despite the sale, Jordan will retain a minority stake in the franchise and continue to be involved. In 2010, Jordan acquired a majority stake in the Hornets for $275 million.
Last year, he sold a significant minority stake to Gabe Plotkin and Daniel Sundheim, both of whom are now part of the group purchasing the team. Plotkin is the founder of Melvin Capital, while Sundheim is the founder of D1 Capital.
Additionally, Rick Schnall, co-president at Clayton, Dubilier & Rice, will join the ownership group. The Hornets, who faced a challenging season marked by injuries, hold the No. 2 pick in the upcoming NBA draft.
