Michael Jordan, the basketball legend, has formally agreed to sell his part in the Charlotte Hornets, ending his 13-year reign as majority owner.
On Friday, June 16, Hornets Sports & Entertainment stated that Jordan had struck an agreement to sell his majority ownership in the Charlotte Hornets to a company managed by Gabe Plotkin and Rick Schnall.
Plotkin, who bought a minority share in the team in 2019, is the founder and chief investment officer of Tallwoods Capital LLC and an alternate governor on the NBA Board of Governors.
Schnall is a 27-year co-president of Clayton, Dubilier & Rice LLC and a large minority owner of the Atlanta Hawks as well as an alternate governor on the NBA Board of Governors, according to the Hornets.
Schnall is in the process of selling his Hawks investment, which is likely to be finished within the next few weeks, according to Hornets executives.
Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, North Carolina natives recording artist J. Cole and country music singer-songwriter Eric Church, and numerous local Charlotte investors, including Amy Levine Dawson and Damian Mills, will also be part of the Buyer Group.
When news of Jordan’s initial talks to sell his Charlotte Hornets ownership surfaced earlier this year, it was emphasized that Jordan would retain a minority stake in the team.
After four years as part of the franchise’s ownership group, the NBA great became majority owner of the North Carolina franchise in March 2010, when the team was known as the Charlotte Bobcats. He was the first ex-player to become a majority owner of an NBA team.
The purchase is subject to NBA Board of Governors approval.
