A group led by Rick Schnall and Gabe Plotkin has received approval from the NBA’s board of governors for the purchase of the Charlotte Hornets.
According to sources, the NBA’s board of governors has given their approval for the sale of the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin. This development paves the way to conclude Michael Jordan’s 13-year tenure as the majority owner of the team.
The sale was overwhelmingly approved by a vote of 29-1, with only New York Knicks owner James Dolan casting the dissenting vote, as per the same sources.
Sources indicate that the team’s sale has been finalized at an estimated valuation of around $3 billion. The transaction is expected to be completed within the next one to two weeks.
Schnall, who previously held a minority ownership position with the Atlanta Hawks, and Plotkin, who was also a minority owner with the Hornets, will now take on the roles of franchise governors. Meanwhile, Michael Jordan, the legendary six-time NBA champion and five-time MVP, will retain a minority stake in the team.
Jordan, widely regarded as the greatest player in the history of the game, made history as the league’s sole Black majority owner when he acquired a majority stake in the franchise in 2010 for $275 million.
In 2020, Jordan sold a significant minority stake to Plotkin, the founder and chief investment officer of Melvin Capital, as well as Daniel Sundheim, founder and chief investment officer of D1 Capital. Interestingly, Sundheim is now part of the current group purchasing the Hornets, according to insider sources.
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