NBA legend Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall for an approximate $3 billion valuation, according to Adrian Wojnarowski of ESPN.
Jordan will continue to oversee basketball operations through the 2023 NBA draft and the start of free agency. The Chicago Bulls icon will keep a minority stake and maintain a presence with the franchise.
Schnall, a minority owner with the Atlanta Hawks, and Plotkin, a minority owner with the Hornets, will become Charlotte’s governors once the NBA completes its vetting and approval process. Jordan paid $275 million for a majority stake in the franchise back in 2010, becoming the league’s only Black majority owner.
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The Hornets have the second overall pick in the 2023 NBA Draft. Their current best player is All-Star point guard LaMelo Ball.
“Jordan sold a significant minority stake to Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital, in 2020, and Sundheim is part of the group purchasing the Hornets, sources said,” Woj wrote. “Schnall, co-president at private equity firm Clayton, Dubilier & Rice in New York, was part of a group including majority owner Tony Ressler and Grant Hill that purchased the Hawks in 2015 for $850 million.”
Jordan is arguably the greatest player in NBA history. He won six championships, six Finals MVPs, five regular-season MVPs and 10 scoring titles with the Bulls in the ’90s. Chicago three-peated twice and went 6-0 in the Finals during the Jordan era.
NBA NEWS & RUMORS: Michael Jordan & Charlotte Hornets Updates
MJ finished his career with the Washington Wizards. The Hall of Famer averaged 30.1 points, 6.2 rebounds and 5.3 assists with the Bulls and Wizards. He’s first in NBA history in points per game and player efficiency rating.
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