Adrian WojnarowskiVeteran NBA InsiderI read for 1 minute
Michael Jordan is finalizing the sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday.
According to reports, the agreement is expected to be signed in the coming days.
Schnall, a minority owner of the Atlanta Hawks, and Plotkin, a minority owner of the Hornets, will become governors of the franchise once the NBA completes its vetting and approval process. Jordan will continue to monitor basketball action through next Thursday’s NBA draft and the start of free agency on July 1.
After the sale closes, Jordan is expected to hold a minority stake and retain ownership, the sources said.
A six-time NBA champion and five-time MVP, Jordan is considered the greatest player in the game’s history and remains the league’s only black majority owner. Jordan paid $275 million for a majority stake in the franchise in 2010.
Jordan sold a significant minority stake in 2020 to Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital, and Sundheim is part of the team buying the Hornets, sources said.
Schnall, co-chairman of New York-based private equity firm Clayton, Duplier & Rice, was part of a group that included majority owner Tony Ressler and Grant Hill that bought the Hawks in 2015 for $850 million.
After a 27-55 season with injuries to most of the team’s top players, the Hornets were drafted No. 2 overall.
