CHARLOTTE, N.C. — The NBA Board of Governors has approved the sale of Michael Jordan’s Charlotte Hornets to an ownership group led by Gabe Plotkin and Rick Schnall, according to a person with knowledge of the situation.
The person spoke to The Associated Press on Sunday on condition of anonymity because the sale won’t be official for at least another week.
The decision ends Jordan’s 13 years as majority owner of the franchise. It will remain as a minority owner.
Jordan agreed to the sale of the team on June 16. However, when an NBA owner decides to sell, the sale must be approved by the league’s Board of Governors.
Jordan’s decision to sell leaves the NBA without a black owner.
Plotkin has been a minority partner with the Hornets since 2019 and Schnall has been a partner with the Atlanta Hawks since 2015, with a minor stake. He was forced to sell his investment in that team.
The sale price is reported at $3 billion, according to ESPN.
As an owner, Jordan never came close to matching his success as a player, where he won six NBA titles with the Chicago Bulls to become one of the greatest players of all time.
Charlotte went 423-600 under Jordan, the 26th-best mark in the league over that span.
The Hornets have never won a playoff series in that time and haven’t made the postseason in the past seven seasons.
The Hornets’ new ownership group includes artist J. Cole, Dan Sundheim, Ian Loring, country singer-songwriter Eric Church, Chris Shumway and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.
2023-07-24 13:50:04
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