Celebrity former National Basketball Association’s legendary player Michael Jordan has had a stake in the NBA team Charlotte Hornets for decades. He began with a minority stake which was converted to a majority one in 2010 and will be back as a minority stake holder in the basketball team in 2023; as he is planning to sell a large part of his holdings to a few wealthy investors.
On Friday, a representative for Michael Jordan and the franchise confirmed the imminent sale. Terms have not been disclosed but it was confirmed that the legend would once regain retain a minority stake. ESPN reported that league sources said that the deal was valued at approximately $3 billion.
Michael Jordan, considered to be the best ever basketball player by many, had acquired a majority stake in the team in 2010. He had paid $275 million for the stake in the Charlotte Hornets. Now, the team is worth about $1.7 billion according to Forbes.
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Charlotte Hornets has not had a good run under the ownership of the legendary basketball player and made it to the playoffs only twice. There are 30 teams in the NBA and the Hornets are at the lower end.
The investors who will be acquiring the majority stake include Gabe Plotkin and Rick Schnall. Gabe Plotkin is the founder of Tallwoods Capital. The investment firm executive bought a minority stake in the Hornets in 2019. He has been an alternate governor in the NBA Board of Governors.
Rick Schnall is co-president of Clayton, Dubilier & Rice. He has worked in a private equity firm for 27 years. He became an alternate governor in the NBA Board of Governors in 2015 and remains one to date. He has a minority stake in the Atlanta Hawks which he is planning to sell.
Other investors in the group include billionaire Dan Sundheim, who is the owner of D1 Capital, and North Carolina musicians J. Cole and Eric Church.
The NBA Board of Governors has to give its approval before celebrity basketball player Michael Jordan can make the sale of his majority stake in the Charlotte Hornets a slam dunk affair. The six-time NBA champion and five-time MVP has been the only black majority stake holder of an NBA team for 13 years.
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