Michael Jordan Sells Majority Ownership of Charlotte Hornets for $3B

Michael Jordan is $3 billion dollars richer after selling his majority stake in the Charlotte Hornets to an ownership group led by Gabe Plotkina nd Rick Schnall. Jordan’s tenure as majority owner ends at 13 years.

With the sale, Jordan will continue to oversee the team’s basketball operations through the NBA draft and the start of free agency on July 1. When Jordan first purchased the majority stake, he paid $275 million.

In 2019, Plotkin became a minority stakeholder in the Hornets and has since served as an alternate governor on the NBA Board of Governors. He is the founder and chief investment officer of Tallwoods Capital LLC. Meanwhile, Schnall, who has been with Clayton, Dubilier & Rice LLC for 27 years, holds a co-president position. He has been a significant minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015. Currently, Schnall is in the process of finalizing the sale of his investment in the Hawks, which is anticipated to be completed within the coming weeks.

For a bit of Hip-Hop flare, The Buyer group includes J. Cole, who will be a part owner. Additional owners include Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, country music singer-songwriter Eric Church, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills. Jordan will retain a minority ownership share.

Last season the Hornets finished 27-55 and now hold the No. 2 pick in the NBA Draft.