The NBA’s board of governors approved the sale of the Hornets to a group led by Rick Schnall and Gabe Plotkin on Sunday, according to ESPN’s Adrian Wojnarowski. The move, expected to be completed in the next one to two weeks, will end Michael Jordan’s 13-year tenure as the team’s majority owner.
According to ESPN, the sale is for $3 billion. The franchise announced the sale on June 16 and added that Jordan will retain a minority ownership in the team.
Plotkin acquired a minority stake in the Hornets in 2019 and has been an alternate governor on the NBA board of governors since then. He’s the founder and chief investment officer of Tallwoods Capital LLC. Schnall is co-president of Clayton, Dubilier & Rice LLC, and has been a minority owner of the Hawks and an alternate governor on the NBA board of governors since ’15.
Jordan initially bought a minority stake in the then-Charlotte Bobcats in 2006. In ’10, he became the majority owner of the team. In that period, however, the franchise has found little success on the hardwood, only making the playoffs on three occasions.
