Michael Jordan Sells Hornets to Gabe Plotkin and Rick Schnall

Michael Jordan is finalizing a sale of the Charlotte Hornets to an ownership group led by Gabe Plotkin and Rick Schnall, And according to ESPN’s Adrian Wojnarowski. And The deal is reportedly worth $1.5 billion.

Jordan has owned the Hornets since 2010. He took over the team after Bob Johnson sold it. And Jordan has been the team’s majority owner since 2013.

Michael Jordan sold his majority stake ownership of the Charlotte Hornets—the North Carolina NBA team he’s owned for more than a decade. https://t.co/806Ypqer9h
— Forbes (@Forbes) June 16, 2023

Plotkin is the founder and CEO of Melvin Capital Management, a hedge fund. Schnall is a partner at Apollo Global Management, a private equity firm.

The sale of the Hornets is the latest in a series of high-profile NBA team sales. And the Milwaukee Bucks, Brooklyn Nets, and Los Angeles Clippers have all been sold for billions of dollars.

The sale of the Hornets is a significant moment for Jordan. And Michael Jordan has been a fixture in the NBA since his playing days, and he has helped to turn the Hornets into a competitive team. The sale of the team will allow Jordan to focus on his other businesses, including his ownership stake in the Charlotte Bobcats.

The sale of the Hornets is also a sign of the growing financial value of NBA teams. The league’s popularity has skyrocketed in recent years, and the value of NBA teams has followed suit. And The Hornets are now one of the most valuable NBA teams, and the sale of the team is a testament to the league’s growing popularity.

It remains to be seen what the future holds for the Hornets under new ownership. And the sale of the team is a significant moment for Jordan and for the NBA.

In addition to the above, here are some other details about the sale:

The deal is expected to close in the coming weeks.

Plotkin and Schnall have been working on a deal to buy the Hornets for several months.

The sale is subject to approval by the NBA Board of Governors.

Jordan is expected to remain involved with the Hornets in some capacity after the sale.

The sale of the Hornets is a significant event in NBA history. It is the latest in a series of high-profile team sales, and it is a sign of the growing financial value of NBA teams. The sale is also a testament to Jordan’s success as an owner. He has helped to turn the Hornets into a competitive team, and he has left the team in good hands with Plotkin and Schnall.