Michael Jordan to Retain Minority Ownership Share of Hornets

MJ is selling the team but he's sticking around.

Friday morning, the Charlotte Hornets announced that Michael Jordan has reached an agreement to sell his majority stake of the franchise to the Buyer Group, led by Gabe Plotkin and Rick Schnall.

Below is the official press release sent out by the Hornets PR department:

"Plotkin, who acquired a minority stake in the Hornets in 2019, has been an alternate governor on the NBA Board of Governors since 2019 and is the founder and chief investment officer of Tallwoods Capital LLC. Schnall is co-president of Clayton, Dubilier & Rice LLC, where he has worked for 27 years, and has been a significant minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015. Schnall is in the process of selling his investment in the Hawks, which is expected to be completed in the next several weeks.

"The Buyer Group will also include Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, North Carolina natives recording artist J. Cole and country music singer-songwriter Eric Church, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.

"As part of the transaction, Jordan will retain a minority ownership share of the team. The transaction is subject to the approval of the NBA Board of Governors."

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