Stephen A. happy for Jordan, who is selling Hornets
By Adrian Wojnarowski, Senior NBA Insider
Charlotte, NC – In a surprising turn of events, the NBA’s board of governors has approved the sale of the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin, signaling the end of Michael Jordan’s 13-year reign as majority owner. The sale, which was finalized on Sunday, comes as a shock to many basketball fans who have come to associate Jordan with the Hornets franchise.
Sources informed ESPN that the board of governors voted 29-1 to approve the sale, with New York Knicks owner James Dolan being the sole dissenting vote. The completion of the sale, valued at approximately $3 billion, is expected to take place within the next one to two weeks.
Rick Schnall, a previous minority owner with the Atlanta Hawks, and Gabe Plotkin, a minority owner with the Hornets, will assume the role of governors for the franchise. Interestingly, Jordan will retain a minority stake in the team, indicating that he is not completely cutting ties with the organization he has been associated with for over a decade.
The news of Jordan’s departure as majority owner has left many in the basketball community shocked and saddened. The six-time NBA champion and five-time MVP is widely regarded as the greatest player in the history of the game.
This sale is not the first time Jordan has reduced his ownership stake in the Hornets. In 2020, he sold a significant minority stake to Plotkin and Daniel Sundheim, founder and chief investment officer of D1 Capital. Sundheim is part of the current group purchasing the Hornets, further solidifying his involvement in the team.
Rick Schnall, a key figure in the private equity firm Clayton, Dubilier & Rice in New York, has experience in NBA ownership. Alongside majority owner Tony Ressler and Grant Hill, Schnall was part of the group that acquired the Atlanta Hawks in 2015 for $850 million.
The sale of the Hornets comes at a time when the team is looking to rebuild. Following a disappointing season marred by injuries to several key players, the Hornets used their No. 2 pick in the June NBA draft to select Alabama’s Brandon Miller, a promising young talent with high expectations.
As fans and analysts alike come to terms with the news of Jordan’s departure as majority owner, it marks the end of an era for the Charlotte Hornets. The team will now look to Schnall and Plotkin to guide them towards a new chapter in their franchise history.