Michael Jordan's Era Ends: Charlotte Hornets Sold To Rick Schnall And Gabe Plotkin Group

Photo: Instagram/Michael Jordan

The Charlotte Hornets are set to undergo a change in ownership as the NBA's board of governors has given the green light to the sale of the team.

The new ownership group, led by Rick Schnall and Gabe Plotkin, received overwhelming approval with a 29-1 vote, the lone dissenting vote coming from James Dolan, owner of the New York Knicks. The deal, valued at approximately $3 billion, is expected to be finalized within the next one to two weeks.

As part of the ownership transition, Schnall, formerly a minority owner with the Atlanta Hawks, and Plotkin, a previous minority owner with the Hornets, will assume the roles of the franchise's governors. Interestingly, the legendary Michael Jordan will retain a minority stake in the team, marking the end of his 13-year tenure as the majority owner.

Photo: Instagram/Michael Jordan

Having made a significant impact both on and off the court, Michael Jordan's legacy in basketball is unparalleled. A six-time NBA champion and five-time MVP, he is widely regarded as one of the greatest players in the history of the sport.

Moreover, Jordan holds the distinction of being the league's sole Black majority owner, having acquired a majority stake in the Hornets for $275 million back in 2010. This ownership change isn't entirely unexpected, as Jordan had previously sold a substantial minority stake to Gabe Plotkin and Daniel Sundheim, founder and chief investment officer of D1 Capital, in 2020.

Now, Plotkin and Sundheim are part of the current group involved in the purchase of the Hornets. Rick Schnall, co-president of the private equity firm Clayton, Dubilier & Rice in New York, brings experience from his involvement in a previous acquisition of the Atlanta Hawks in 2015, a deal worth $850 million and led by majority owner Tony Ressler and Grant Hill.

As the Hornets gear up for a fresh start under new ownership, they've also made significant moves on the court. After a challenging 27-55 season marked by injuries to key players, the team picked Alabama's talented Brandon Miller as the No. 2 pick in the recent NBA draft, aiming to revitalize their roster and build a competitive future.

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Source: ESPN