Michael Jordan is selling a percentage of ownership in the Charlotte Hornets to a pair of New York based businessmen.
The deal is pending NBA approval, but that is expected to occur quickly, the Charlotte Observer reported.
Jordan’s new partners will be Gabe Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital. How much of the team they will buy has not been disclosed, but the Observer called it “a large piece” though Jordan will remain majority owner.
“I’m excited to welcome Gabe and Dan as my partners in Hornets Sports & Entertainment,” Jordan said in a team-issued news release. “While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team’s NBA Governor, Gabe and Dan’s investment in the franchise is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA.
“Both Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for the game of basketball. They share my commitment to Charlotte and the Carolinas, and I look forward to working with and learning from them.”
Jordan, a six-time NBA champion, bought the Hornets for about $180 million in 2010 and controls about 97 percent of the team equity. Earlier this year, Forbes valued the Hornets at about $1.3 billion - 28th of the 30 NBA teams.
The Hornets finished 39-43 last season and lost their leader, Kemba Walker, in free agency in the offseason. They made the playoffs three times this decade, losing in the first round each time.
—Field Level Media