Basketball legend, Michael Jordan, has officially reached an agreement to sell his stake in the Charlotte Hornets, reports have emerged.
This ends his 13-year run as the majority owner of the basketball team.
Hornets Sports & Entertainment confirmed on Friday, 16 June, that Jordan reached an agreement to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall.
Plotkin, who acquired a minority stake in the team 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, the Hornets said.
Schnall is in the process of selling his investment in the Hawks, which is expected to be completed in the next several weeks, officials with the Hornets explained.
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.
When the news of Jordan’s initial talks to sell his stake in the Charlotte Hornets broke earlier this year, it was noted that Jordan would maintain a minority stake in the team.
The NBA legend became majority owner of the North Carolina franchise in March 2010, when the team was called the Charlotte Bobcats, and after four years as part of the franchise’s ownership group. He was the first former player to become the majority owner of an NBA franchise.
The transaction is subject to the approval of the NBA Board of Governors.