NBA board approves sale of Charlotte Hornets

• NBA team Charlotte Hornets was put up for sale by its owners led by Michael Jordan
• A group led by Rick Schnall and Gabe Plotkin are expected to buy the team
• The sale has now been approved by the NBA Board of Governors 

The Charlotte Hornets are set to undergo a change in ownership as the NBA Board of Governors has given its approval for the team’s sale to a group led by Rick Schnall and Gabe Plotkin, according to a report by ESPN as seen by SportsLeo. This decision paves the way for Michael Jordan, the current majority owner, to conclude his 13-year tenure at the helm of the franchise. The board voted 29-1 in favour of the sale, with James Dolan, owner of the New York Knicks, being the only dissenting vote.

The completed sale, valued at approximately $3 billion, is expected to be finalized within the next one to two weeks. Rick Schnall, previously a minority owner with the Atlanta Hawks, and Gabe Plotkin, a minority owner with the Hornets, will become the new governors of the franchise. However, Michael Jordan will still retain a minority stake in the team.

Michael Jordan is one of the owners of the Charlotte Hornets and will oversee the sale process. He will however retain a minority stake in the NBA team. | PHOTO: NBC News |

READ: Michael Jordan selling Charlotte Hornets for $3 billion

Michael Jordan, renowned for his illustrious basketball career with six NBA championships and five MVP titles, is widely regarded as one of the greatest players in the sport’s history. As the league’s sole Black majority owner, Jordan purchased a majority stake in the Hornets back in 2010 for $275 million. Over time, he sold a significant minority share to Plotkin, the founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital, in 2020. Interestingly, Sundheim is part of the current group leading the acquisition of the Hornets.

Rick Schnall, currently co-president of the private equity firm Clayton, Dubilier & Rice in New York, previously participated in a group purchase of the Atlanta Hawks in 2015, where he was joined by majority owner Tony Ressler and former NBA star Grant Hill. The acquisition of the Hawks cost the group $850 million.

The impending ownership transition for the Hornets comes after a challenging season for the team, marked by a 27-55 record due to numerous injuries affecting key players. In the recent June NBA draft, the Hornets selected Brandon Miller from the University of Alabama as the second overall pick, signalling their commitment to building a competitive roster for the future.

As the Charlotte Hornets prepare to welcome new ownership, the basketball world reflects on Michael Jordan’s impact as an owner and his legacy as one of the sport’s most revered figures. With fresh leadership at the helm, the Hornets aim to chart a course for continued growth and success in the NBA, leveraging the potential of their young talents to elevate the team’s fortunes in the seasons to come.