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Charlotte — Michael Jordan has closed the sale of a majority of his shares in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, the NBA team announced Thursday.
The Hornets introduced Plotkin and Schnall at a press conference.
Jordan, a majority shareholder for the past 13 years, said in a statement that it had been a “huge honor” to own the Hornets but did not explain what motivated him to sell the franchise.
It will remain as a minority owner.
“I am proud of all that the organization has accomplished: the exciting moments on the court, reclaiming the Hornets name, Charlotte hosting the NBA All-Star Game and HSE (Hornets Sports and Entertainment) becoming a true pillar of this organization. community,” Jordan said.
“In making the transition to minority ownership, I am delighted to pass the reins on to two successful, innovative and strategic leaders in Gabe and Rick,” he added.
As an owner, Jordan never came close to matching his success as a player, where he won six NBA titles with the Chicago Bulls to become one of the greatest players of all time.
The Hornets were never able to win a playoff series with Jordan. They also haven’t made the postseason in the past seven seasons, the longest drought in the NBA.
Jordan’s decision to sell leaves the NBA without a black owner.
Plotkin has been a minority partner with the Hornets since 2019 and Schnall has been a partner with the Atlanta Hawks since 2015, with a minor stake. He was forced to sell his investment in that team.
The sale price is reported at 3,000 million dollars, according to ESPN.
Charlotte went 423-600 under Jordan, the 26th-best mark in the league over that span.
The Hornets’ new ownership group includes artist J. Cole, Dan Sundheim, Ian Loring, country singer-songwriter Eric Church, Chris Shumway and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.
2023-08-04 02:05:04
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