Michael Jordan is selling his majority stake in the Charlotte Hornets to the Gabe Plotkin/Rick Schnall group for an approximate $3 billion valuation.
Jordan took a majority stake in the Hornets in 2010 for $275 million. Previously, he had a minority interest in the team.
Under the ownership of the six-time NBA champion Jordan, the Hornets have struggled, only making the playoffs two times.
Plotkin acquired a minority stake in the Hornets in 2019 and has served as an alternate governor on the NBA Board of Governors. He’s the founder of investment management firm Tallwoods Capital.
Schnall is co-president of private equity firm Clayton, Dubilier & Rice, where he has worked for 27 years. He has been a minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015.
He is in the process of selling his investment in the Hawks, which is expected to be completed in the next several weeks.
Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner.
In doing so, he became the first former NBA player to become the majority owner of a franchise.
Jordan sold a large minority stake to Plotkin and to Daniel Sundheim back in 2020. Sundheim is part of the group buying the Hornets.
Schnall was part of a group that purchased the Hawks back in 2015 for $850million. No exact figure for the amount being paid for the Hornets has been released.
Jordan’s tenure with the Hornets has been fraught with poor results, unlucky deals, and bad management – including by Jordan himself.
Since his first full season of majority ownership in 2010-11, the Charlotte Hornets have put up a combined record of 423-600 – with only three winning seasons.
In that time, they made only two playoff appearances in 2014 and in 2016 – both ending in the first round through losses to the Miami Heat.
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