Basketball icon relinquishes control of the team to new ownership.
Michael Jordan Finalizes Sale of Majority Ownership in Charlotte HornetsBasketball legend concludes his 13-year reign as team owner as sale nears $3 billion USD.
According to ESPN, Michael Jordan has completed the sale of the Charlotte Hornets, stepping down as the team's majority owner. The franchise was sold for a staggering sum of nearly $3 billion USD to a group led by Gabe Plotkin, a minority owner of the Atlanta Hawks, and Rick Schnall, a minority owner of the Hornets. The transfer of ownership is pending official vetting and approval from the NBA.
Reports in March indicated that Jordan was in talks to sell his stake in the team, which is now valued at over $1.7 billion USD, according to Statista. In 2010, Jordan became the first black majority owner of an NBA franchise when he purchased the Hornets for $275 million USD.
Jordan had previously sold a significant stake to Gabe Plotkin, founder and chief investment officer of Melvin Capital, as well as Daniel Sundheim, founder of D1 Capital, in 2020. ESPN sources suggest that Sundheim is part of the group acquiring the Hornets.
Rick Schnall, a member of the purchasing group, was involved in the acquisition of the Atlanta Hawks for $850 million USD in 2015, alongside Grant Hill and majority owner Tony Ressler.
Although the sale is expected to conclude soon, Jordan will remain the majority owner of the Hornets until the NBA Draft on July 1, during which the team holds the second overall pick. Despite stepping down as majority owner, Jordan plans to stay connected to the team as a minority owner.
