According to reports, Michael Jordan is in the process of finalizing a sale of the Charlotte Hornets to an investment group led by Gabe Plotkin and Rick Schnall.
Jordan, 60, was previously the only black majority owner of an NBA franchise. Once complete, the sale will bring an end to a 13 year era of Jordan at the helm of the franchise. One which was filled with very few on-court highlights as the club struggled to become relevant, despite routinely picking at the top of the NBA Draft year after year.
Charlotte finished the 2022-23 season with a 27-55 record and will select 2nd overall in the Draft on June 22nd. Initial reports suggest that because the sale won’t become official until the board of governors ratifies the agreement, Jordan will continue to oversee basketball operations through both the draft and free agency process.
The Bulls legend purchased a majority stake in the franchise for $275M in 2010. Financial details of the new sale price have yet to be released, though it’s believed that Jordan will retain a minority stake in the team and continue to have a presence within the organization.
Rick Schnall is the co-president at a private equity firm in New York, and is currently a minority owner with the Atlanta Hawks. Gabe Plotkin was already a minority owner of the Hornets after having purchased a stake in the franchise from Jordan back in 2020.
An official announcement regarding the sale is expected sometime early next week.
-Kyle Skinner
Twitter: @JKyleSkinner
Photo: Erik Drost. This file is licensed under the Creative Commons Attribution 2.0 Generic license.