Michael Jordan Sells Majority Stake in Charlotte Hornets to Investor Group for $3 Billion

 "Michael Jordan Steps Down as Majority Owner of Charlotte Hornets in $3 Billion Sale to Investor Group"

According to sources within the league, Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets. The sale, which values the team at approximately $3 billion, will be made to a group led by Gabe Plotkin and Rick Schnall. This transaction marks the end of Jordan's 13-year tenure as the majority owner of the franchise.

Following the completion of the NBA's vetting and approval process, Plotkin and Schnall, who are currently minority owners with the Hornets and the Atlanta Hawks respectively, will become the franchise's governors. Jordan will continue to oversee basketball operations until the NBA draft next Thursday and the start of free agency on July 1.

Even after the sale, Jordan will retain a minority stake in the team and will maintain a presence within the franchise. Jordan, widely regarded as the greatest player in the history of basketball, has won six NBA championships and has been the league's only Black majority owner. In 2010, he purchased a majority stake in the Hornets for $275 million.

In 2020, Jordan sold a significant minority stake to Plotkin, the founder and chief investment officer of Melvin Capital, as well as to Daniel Sundheim, the founder and chief investment officer of D1 Capital. Sources indicate that Sundheim is part of the group involved in purchasing the Hornets. Schnall, who is the co-president at the private equity firm Clayton, Dubilier & Rice in New York, was part of a consortium that acquired the Atlanta Hawks in 2015 for $850 million, along with majority owner Tony Ressler and Grant Hill.

After a challenging season marred by injuries to key players, the Hornets hold the second overall pick in the upcoming NBA draft.