End of Jordan's rule: MJ completes Hornets sale

Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall for an approximately $3 billion valuation, according to league sources. The transaction ends Jordan’s 13-year run as majority owner.

Schnall, a minority owner with the Atlanta Hawks, and Plotkin, a minority owner with the Hornets, will become the franchise’s governors once the NBA completes its vetting and approval process. Jordan will continue to oversee basketball operations through Thursday’s NBA draft and the start of free agency July 1.

Once the sale is complete, Jordan will keep a minority stake and maintain a presence with the franchise.

Jordan, a six-time NBA champion and five-time MVP, is largely considered to be the greatest player in the history of the game and has been the league’s only Black majority owner. Jordan paid $275 million for a majority stake in the franchise in 2010.

Jordan sold a significant minority stake to Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and CIO of D1 Capital, in 2020, and Sundheim is part of the group purchasing the Hornets, sources said.

Schnall, co-president at private equity firm Clayton, Dubilier & Rice in New York, was part of a group including majority owner Tony Ressler and Grant Hill that purchased the Hawks in 2015 for $850 million.

After a 27-55 season riddled with injuries to most of the team’s top players, the Hornets hold the No. 2 pick in the draft.