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Charlotte Hornets owner Michael Jordan responds to a question during a press conference on October 28, 2014, at the Time Warner Cable Arena in Charlotte, North Carolina.
Jeff Sinner | Tribune News Service | Getty Images
Basketball legend Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets of the NBA to wealthy investors Gabe Plotkin and Rick Schnall, Jordan’s representative. Confirmed on Friday.
The terms of the deal were not disclosed. Jordan will retain minority ownership of the team as part of the deal.
Jordan acquired a majority stake in the Hornets in 2010 for $275 million. Previously, he had a minority interest in the team.
Under the ownership of six-time NBA champion Jordan, the Hornets have struggled, making the playoffs only twice.
Plotkin acquired a minority stake in the Hornets in 2019 and has served as an alternate governor on the NBA Board of Governors. He is the founder of the investment management firm Tallwoods Capital.
Schnall is the co-chairman of the private equity firm Clayton, Dubilier and Rice, where he worked for 27 years. He has been a minority owner of the Atlanta Hawks and an alternate referee 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 Sondheim, owner of D1 Capital, is also in the group of buyers, along with North Carolina musicians J. Cole and Eric Church.
The sale includes other assets in the Hornets Sports Entertainment group, including the G League team, the Greensboro Swarm, esports team, and the Hornets Venom GT, as well as the management and operation of the Spectrum Center, where the Hornets play.
The Hornets deal is subject to approval by the NBA Board of Governors.
Forbes values the Hornets at $1.7 billion, which ranks 27th out of 30 teams.
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