Adrian WojnarowskiSenior NBA insiderRead for 1 minute
Charlotte Hornets owner Michael Jordan is in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall , sources told ESPN on Thursday.
No deal is imminent, but there is significant momentum on a sale that would eventually install Plotkin and Schnall as co-governors of the Hornets, sources say.
If a sale closes, Jordan is expected to retain a minority stake in the franchise, sources said.
A six-time NBA champion and five-time MVP, Jordan is considered by many to be the greatest player in the game’s history and was the only black majority owner in the league.
Jordan sold a significant minority stake to Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital in 2020, and sources said Sundheim is part of the group working to purchase the team .
The sale of a majority share of the Hornets would mark the end of Jordan’s 13-year run as owner. He paid $275 million for a majority stake in the franchise in 2010.
Schnall, co-president at private equity firm Clayton, Dubilier & Rice in New York, was part of a group that included majority owner Tony Ressler and Grant Hill that bought the Hawks in 2015 for $850 million.