Michael Jordan reaches agreement to sell majority stake in basketball team
North Caroline natives J. Cole and Eric Church are members of a buyers group who purchased a majority stake in the Charlotte Hornets basketball team. Chairman and former NBA great Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets to the unnamed group led by Gabe Plotkin and Rick Schnall.
Plotkin, who acquired a minority stake in the Hornets in 2019, has been an alternate governor on the NBA Board of Governors since 2019 and is the founder and chief investment officer of Tallwoods Capital LLC. Schnall is co-president of Clayton, Dubilier & Rice LLC, where he has worked for 27 years, and has been a significant minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015. Schnall is in the process of selling his investment in the Hawks, which is expected to be completed in the next several weeks.
As part of the transaction, Jordan will retain a minority ownership share of the team if the deal is approved by the NBA Board of Governors. The deal also includes acquiring ownership of Greensboro Swarm (NBA G League) and Hornets Venom GT (NBA 2K League), as well as managing and operating Spectrum Center.
Neither artist has publicly commented on the sale as of press time.
Church is an avid fan of his native sports teams. Last year, he made headlines after canceling a concert on his Gather Again Tour to attend an NCAA Final Four game between the North Carolina Tar Heels and the Duke Blue Devils with his family. The decision received mixed reactions from fans on social media. However, the country star made it up to ticket holders by offering a free show last fall in return.
