Michael Jordan Sells Majority Ownership of The Charlotte Hornets For $3 Billion, With J. Cole Part of The Buyers Group

Michael Jordan is now worth $3 billion after selling his controlling investment in the Charlotte Hornets to a consortium led by Gabe Plotkina and Rick Schnall.

Jordan’s reign as the main owner comes to an end after 13 years.

Jordan will continue to manage the team’s basketball operations following the sale, through the NBA draught and the start of free agency on July 1.

Jordan initially paid $275 million for the controlling interest.

Plotkin joined the Hornets as a minority owner in 2019 and has since served as an alternative governor on the NBA Board of Governors.

Tallwoods Capital LLC is his company, and he is the founder and CEO.

Schnall, who has been with Clayton, Dubilier & Rice LLC for 27 years, is now a co-president.

Since 2015, he has been a large minority owner of the Atlanta Hawks as well as an alternate governor on the NBA Board of Governors.

Schnall is currently finalizing the sale of his Hawks stake, which is expected to be finalized within the next several weeks.

Read the full release on https://t.co/BzkRIrrehy.

🔗 https://t.co/roYUH9ilgI pic.twitter.com/N17fYc0HBp

— Charlotte Hornets (@hornets) June 16, 2023