Michael Jordan finalizing Charlotte Hornets sale
Jordan has been Charlotte's majority owner since 2010
CHARLOTTE, NC (CBS Sports) — Michael Jordan is finalizing his sale of the Charlotte Hornets to Gabe Plotkin and Rick Schnall, the Hornets announced Friday.
Jordan, the NBA legend and North Carolina native, will retain a minority stake in the team that he bought into first in 2006.
Plotkin was previously a minority owner of the Hornets, while Schnall was a minority owner of the Atlanta Hawks, so they both have some experience in the NBA.
They will both serve as governors of the Hornets once the NBA’s vetting process is complete. Musician J. Cole will also be among the minority owners taking part in this purchase.
The following statement was released on Friday morning concerning the sale of the franchise:
“Hornets Sports & Entertainment (HSE) announced today that Chairman Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets to a group (“the Buyer Group”) led by Gabe Plotkin and Rick Schnall.
Plotkin, who acquired a minority stake in the Hornets in 2019, has been an alternate governor on the NBA Board of Governors since 2019 and is the founder and chief investment officer of Tallwoods Capital LLC. Schnall is co-president of Clayton, Dubilier & Rice LLC, where he has worked for 27 years, and has been a significant minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015. Schnall is in the process of selling his investment in the Hawks, which is expected to be completed in the next several weeks.
The Buyer Group will also include Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, North Carolina natives recording artist J. Cole and country music singer-songwriter Eric Church, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.
As part of the transaction, Jordan will retain a minority ownership share of the team. The transaction is subject to the approval of the NBA Board of Governors. Along with the Hornets, HSE ownership includes the Greensboro Swarm (NBA G League) and Hornets Venom GT (NBA 2K League), as well as managing and operating Spectrum Center, each of which is included as part of the sale.”
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