Adrian VojnarowskiSenior NBA insider2 minutes to read
Sources told ESPN on Thursday that Charlotte Hornets owner Michael Jordan is in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.
No deal is imminent, sources said, but there is significant momentum for a sale that would eventually install Plotkin and Schnall as co-rulers of the Hornets.
If the sale goes through, sources said, Jordan is expected to remain with a minority stake in the concession.
A six-time NBA champion and five-time MVP, Jordan is considered by many to be the greatest player in the history of the game and was the only majority-black player in the league.
Jordan sold a significant minority stake to Plotkin, founder and chief investment officer at Melvin Capital, and Daniel Sundheim, founder and chief investment officer at D1 Capital, in 2020. Sources said Sundheim is part of the group working to buy the team.
The sale of a majority stake in the Hornets would mark the end of Jordan’s 13-year run as owner. He paid $275 million for a majority stake in the franchise in 2010.
Schnall, a co-chairman of the New York private equity firm Clayton, Dubilier & Rice, was part of a group including majority owner Tony Ressler and Grant Hill that bought Hawk in 2015 for $850 million.
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