Michael Jordan selling his majority stake in the Charlotte Hornets

# Basketball Legend Michael Jordan to Sell Majority Stake in Charlotte Hornets

Basketball legend Michael Jordan has announced that he will be selling his majority stake in the National Basketball Association’s Charlotte Hornets. The sale has been confirmed by a representative for Jordan, although the terms of the deal have not been disclosed. Jordan will, however, retain a minority ownership of the team as part of the agreement.

# The Struggles of the Charlotte Hornets Under Jordan’s Ownership

With Jordan as the majority owner of the Hornets since 2010, the team has faced challenges and struggled. They have only managed to make the playoffs twice during his tenure. Despite this, Jordan has remained involved and committed to the team’s success.

# Plotkin and Schnall: The Wealthy Investors Taking over the Hornets

The buyers of the majority stake in the Hornets are Gabe Plotkin and Rick Schnall. Plotkin is the founder of investment management firm Tallwoods Capital and has served as an alternate governor on the NBA Board of Governors. Schnall, on the other hand, is co-president of private equity firm Clayton, Dubilier & Rice, a position he has held for 27 years.
Both investors bring a wealth of experience and knowledge to the table.

# The Involvement of Dan Sundheim, J. Cole, and Eric Church in the Purchase

Billionaire Dan Sundheim, owner of D1 Capital, is included in the buyer group, alongside North Carolina musicians J. Cole and Eric Church. Their involvement adds an interesting dynamic to the purchase, as they bring their own unique perspectives and connections to the world of entertainment and business.

# The Additional Assets Included in the Sale

In addition to the Charlotte Hornets, the sale also includes other assets owned by the Hornets Sports & Entertainment group. These include the Greensboro Swarm, the team’s G League affiliate, the Hornets Venom GT, their esports team, and the management and operation of the Spectrum Center, where the Hornets play their home games. This comprehensive deal ensures that the new owners have a strong presence in both the basketball and entertainment industries.

# The NBA Board of Governors Approval

The transaction for the Hornets is still subject to approval by the NBA Board of Governors. Once the approval is granted, the sale will be finalized, and the new owners will officially take control of the team. This step is crucial to ensure that all regulations and guidelines set by the NBA are met.

# The Valuation of the Hornets and their Ranking among NBA Teams

Forbes currently values the Charlotte Hornets at $1.7 billion, ranking them 27th out of the 30 NBA teams. This valuation provides a significant benchmark for the team, as it reflects their financial and commercial standing in the league. The new owners will have the opportunity to further enhance the team’s value through strategic investments and improvements.

In summary, basketball legend Michael Jordan has made the decision to sell his majority stake in the Charlotte Hornets. The team’s struggles during his ownership have led to this strategic move. Gabe Plotkin, Rick Schnall, Dan Sundheim, J. Cole, and Eric Church are among the prominent figures involved in the purchase. The sale also includes other assets owned by the Hornets Sports & Entertainment group. The transaction is subject to approval by the NBA Board of Governors. With a valuation of $1.7 billion, the Hornets rank 27th among NBA teams.

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Written by The Modest Man

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