Michael Jordan has reached an agreement to sell the Charlotte Hornets NBA team to a group led by Gabe Plotkin and Rick Schnall, it was announced on Friday.
Gabe Plotkin is a hedge fund founder who already owns a minority stake in the Hornets while Rick Schnall is a private equity firm president who owns a minority stake in the Atlanta Hawks. The buying group also includes J. Cole and country music artist Eric Church, both of whom are from North Carolina.
Other investors include Dan Sundheim, Ian Loring, Dyal HomeCourt Partners and local investors Amy Dawson and Damian Mills.
Read the full release on https://t.co/BzkRIrrehy.
— Charlotte Hornets (@hornets) June 16, 2023
According to the press release, Jordan will retain a minority ownership share of the team as part of the transaction. The transaction is subject to the approval of the NBA Board of Governors. The sale amount has not been disclosed yet but ESPN’s Adrian Wojnarowski values the Hornets at $3 billion.