25 July, 2023
(AP) CHARLOTTE, N.C. According to a person with knowledge of the matter, the NBA Board of Governors decided to endorse Michael Jordan’s sale of the Charlotte Hornets to an ownership group led by Gabe Plotkin and Rick Schnall.
Due to the fact that the deal won’t be finalized for at least another week, the individual spoke with The Associated Press on Sunday under the condition of anonymity.
Jordan’s 13-year tenure as the team’s majority owner comes to an end with this choice. He will continue to own a minority stake.
On June 16, Jordan consented to part with the team. However, before an NBA owner may sell, the Board of Governors of the league must provide its approval.
Schnall has been a minority investor of the Atlanta Hawks since 2015, while Plotkin has been a minority partner with the Charlotte Hornets since 2019. He was compelled to liquidate his stake in that group.
ESPN claims that the sale price is close to $3 billion.
Jordan never achieved the level of success as an owner that he had as a player, when he played for the Chicago Bulls and won six NBA championships, becoming one of the best players to ever play the game.
Charlotte had the 26th-best record during Jordan’s tenure, going 423-600.
The Hornets haven’t made the postseason in the previous seven seasons, and they haven’t won a playoff series in that time.
J. Cole, Dan Sundheim, Ian Loring, Eric Church, Chris Shumway, and a number of Charlotte-area investors, including Amy Levine Dawson and Damian Mills, are among the Hornets’ new ownership group’s members.