CNBC and Associated Press reported on the 16th (local time) that ‘Basketball Emperor’ Michael Jordan has agreed to sell a majority stake in the Charlotte Hornets of the National Basketball Association (NBA).
Jordan has reached an agreement to sell his stake in Charlotte to a group of investors led by Gabe Plotkin and Rick Schnell.
Specific terms of the deal were not disclosed.
The most recently sold NBA club, the Phoenix Suns, cost $4 billion, but according to Forbes, Charlotte’s club is only worth $1.7 billion, ranking 27th out of 30 clubs.
The agreement marks Jordan’s step down as owner 13 years after purchasing a majority stake in the Charlotte club in 2010 for $275 million.
However, Jordan agreed to remain under the contract as a minority shareholder in Charlotte.
Jordan, who won six NBA championships as a player, has only made the playoffs twice as Charlotte’s owner.
Plotkin, who acquired a majority stake, is a wealthy investor who already acquired a minority stake in Charlotte in 2019 and is the founder of Tollwoods Capital, an investment management company.
Schnell, who participated in the acquisition, is co-president of private equity firm ‘Clayton, Duvillier & Rice’ and holds a minority stake in another NBA team, the Atlanta Hawks.
The Atlanta stake will be sold soon.스포츠토토
Other members of the acquisition group include billionaire investor Dan Sundheim and North Carolina-based singer-songwriters Eric Church and Jay Cole.