NBA legend, Michael Jordan, is close to ending his 13-year tenure as the majority owner of the Charlotte Hornets. According to information from ESPN released on Friday (16), he has finalized the sale of the franchise to a group of businessmen led by Gabe Plotkin and Rick Schnall.
An agreement is expected to be officially signed in the coming days, according to sources. The deal has already been announced by the franchise and now awaits approval of the transaction by the NBA.
Rick Schnall, minority owner of the Atlanta Hawks, and Gabe Plotkin, who holds minority shares of the Charlotte Hornets, will become the new owners of the franchise once the NBA completes its verification and approval process.
Despite the sale, Michael Jordan will still remain involved in the basketball operations of the Hornets until the upcoming Thursday’s (22) draft and the start of the free agency window on July 1.
After the completion of the sale, Jordan will retain a minority stake in the team and continue to have a presence in the franchise.
Michael Jordan, a six-time NBA champion and five-time MVP, is widely recognized as the greatest player in basketball history. Until now, he was the only black owner among the league’s franchises.
In 2010, Jordan acquired a majority stake in the Charlotte Hornets for $275 million.
In 2020, Jordan sold a significant minority stake to Gabe Plotkin, the founder and chief investment officer of Melvin Capital, and Daniel Sundheim, the founder and chief investment officer of D1 Capital. Sundheim is part of the group of businessmen buying the Hornets, according to sources.
Rick Schnall, co-chairman of Clayton, Dubilier & Rice, is also involved in the transaction as part of the buying group. He was already a member of the group that includes majority owner Tony Ressler and Grant Hill, who acquired the Atlanta Hawks in 2015 for $850 million.
After a challenging season with multiple injuries to their key players, the Hornets finished with a record of 27 wins and 55 losses. They now hold the second pick in the NBA draft, which will take place on Thursday.
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