Michael Jordan was an inspiration to many as the only Black majority stake owner of an NBA franchise but now he’s relinquishing that title for a potentially huge payout. According to swirling reports, Michael Jordan will offload his majority stake in the Charlotte Hornets for a reported $3 billion dollars.
News of the sale went wide last Friday (June 16) after the Charlotte Hornets issued a statement leaguewide that Michael Jordan will sell off his ownership stake to The Buyer Group consisting of Gabe Plotkin and Rick Schnall.
More from the Hornets’ PR team via NBA.com:
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 Chris Shumway, 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.
Jordan, 60, will retain a minority stake in the Hornets and will reportedly still work with the team’s front-facing actions in some capacity. A report from CNBC states that Jordan, who initially purchased his stake for $275 million, will net 10 times as much if the sale is approved by the NBA Board of Governors.
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