Scott Clark
Oct 27, 2023 - 07:15

MICHAEL JORDAN sells majority stake in NBA's Charlotte Hornets

Basketball legend Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets after 13 years.

On Monday, June 19, 2023, basketball icon Michael Jordan made headlines as he officially agreed to sell his majority stake in the Charlotte Hornets, bringing an end to his 13-year tenure as the team's owner.

Hornets Sports & Entertainment confirmed this news on Friday, June 16, revealing that Jordan had reached an agreement with a group led by Gabe Plotkin and Rick Schnall to sell his majority stake in the Charlotte Hornets.

Gabe Plotkin, who had previously acquired a minority stake in the team back in 2019, has been an alternate governor on the NBA Board of Governors since then. He is also the founder and chief investment officer of Tallwoods Capital LLC.

Rick Schnall, on the other hand, is the co-president of Clayton, Dubilier & Rice LLC, where he has dedicated 27 years of his career. He has also been a significant minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015. The Hornets clarified that Schnall is currently in the process of selling his investment in the Hawks, which is expected to be finalized in the upcoming weeks.

The Buyer Group, which will be acquiring Jordan's stake in the Hornets, includes several notable individuals such as Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, and North Carolina natives J. Cole, a renowned recording artist, and Eric Church, a country music singer-songwriter. Additionally, the group consists of several local Charlotte investors, including Amy Levine Dawson and Damian Mills.

When news of Jordan's intention to sell his stake in the Charlotte Hornets first emerged earlier this year, it was mentioned that he would retain a minority stake in the team.

In March 2010, Michael Jordan made history by becoming the majority owner of the Charlotte franchise, then known as the Charlotte Bobcats. This milestone came after his four-year tenure as part of the team's ownership group. Notably, he became the first former NBA player to hold majority ownership of an NBA franchise.

However, it is important to note that the transaction is still pending approval from the NBA Board of Governors. Once this approval is obtained, the sale will be finalized, marking the end of Michael Jordan's era as the majority owner of the Charlotte Hornets.