Michael Jordan has recently finalized a lucrative deal, selling the majority stake of the Charlotte Hornets for an impressive $3 billion.
According to sources within the league, Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets for an approximate valuation of $3 billion.
The buying group, led by Gabe Plotkin and Rick Schnall, will take over as the franchise’s governors pending the NBA’s vetting and approval process. While Jordan will retain a minority stake, his 13-year reign as majority owner will come to an end.
Rick Schnall, who is currently a minority owner with the Atlanta Hawks, and Gabe Plotkin, a minority owner with the Hornets, will assume their roles as governors once the sale is finalized.
In the meantime, Jordan will continue to oversee basketball operations until the NBA draft next Thursday and the commencement of free agency on July 1.
The sale marks a significant transition for Jordan, who is widely regarded as the greatest player in NBA history, having won six championships and five MVP titles.
Notably, he has been the league’s sole Black majority owner. In 2010, Jordan purchased a majority stake in the Hornets for $275 million.
In 2020, Jordan sold a substantial minority stake to Plotkin, the founder and chief investment officer of Melvin Capital, as well as to Daniel Sundheim, founder and chief investment officer of D1 Capital. Sundheim is also part of the group acquiring the Hornets, according to sources.
Rick Schnall, the co-president at New York-based private equity firm Clayton, Dubilier & Rice, played a role in the purchase of the Atlanta Hawks in 2015.
The buying group, which included majority owner Tony Ressler and Grant Hill, acquired the Hawks for $850 million.
Following a challenging season marred by injuries to key players, the Hornets hold the second overall pick in the upcoming NBA draft.
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