Michael Jordan is selling his majority stake in the Charlotte Hornets
Jordan will sell his majority stake in the NBA's struggling Charlotte Hornets, and Gabe Plotkin and Rick Schnall are poised to become majority owners.
Aliver
Charlotte Hornets owner Michael Jordan responds to a question during a news conference on Oct. 28, 2014, at Time Warner Cable Arena in Charlotte, North Carolina.
Jeff Siner | Tribune News Service | Getty Images
Basketball legend Michael Jordan has agreed to sell his majority stake in the NBA's Charlotte Hornets to wealthy investors Gabe Plotkin and Rick Schnall, a representative for Jordan confirmed on Friday.
Terms of the deal were not disclosed. Jordan will retain minority ownership of the team as part of the deal.
Jordan took a majority stake in the Hornets in 2010 for $275 million. Previously, he had a minority interest in the team.
Under the ownership of the six-time NBA champion Jordan, the Hornets have struggled, only making the playoffs two times.
Plotkin acquired a minority stake in the Hornets in 2019 and has served as an alternate governor on the NBA Board of Governors. He's the founder of investment management firm Tallwoods Capital.
Schnall is co-president of private equity firm Clayton, Dubilier & Rice, where he has worked for 27 years. He has been a minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015.
He is in the process of selling his investment in the Hawks, which is expected to be completed in the next several weeks.
Billionaire Dan Sundheim, owner of D1 Capital, is also included in the buyer group, along with North Carolina musicians J. Cole and Eric Church.
The transaction for the Hornets is subject to the approval by the NBA Board of Governors.
Forbes values the Hornets at $1.7 billion, which ranks 27th out of 30th teams.
