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NBA board approve Hornets sale to Schnall, Plotkin

Posted : 24 July 2023

The NBA's board of governors has given approval for the sale of the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin, which will mark the end of Michael Jordan's 13-year tenure as majority owner, sources report.
 
The approval vote was 29-1, with only New York Knicks owner James Dolan casting a dissenting vote, according to sources. The sale of the team, valued at approximately $3 billion, is expected to be finalized within the next one to two weeks.
 
Rick Schnall, a former minority owner with the Atlanta Hawks, and Gabe Plotkin, a current minority owner with the Hornets, will become the franchise's governors. However, Michael Jordan will retain a minority stake in the team.
 
As a six-time NBA champion and five-time MVP, Jordan is widely regarded as the greatest player in basketball history. He became the league's only Black majority owner when he acquired a majority stake in the Hornets for $275 million in 2010.
 
Before this recent sale, Jordan had previously sold a significant minority stake to Plotkin, who is the founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital, in 2020. Sundheim is also part of the current group purchasing the Hornets, sources revealed.
 
Rick Schnall, co-president of the private equity firm Clayton, Dubilier & Rice in New York, was part of a group, including majority owner Tony Ressler and Grant Hill, that bought the Atlanta Hawks in 2015 for $850 million.
 
After a challenging 27-55 season plagued by injuries to key players, the Hornets selected Alabama's Brandon Miller with the No. 2 pick in the June NBA draft.

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