Michael Jordan to Sell Majority Stake in Charlotte Hornets
Michael Jordan, the owner of the Charlotte Hornets and one of the world’s most storied athletes, has agreed to sell his majority share in the N.B.A. team to a group led by Gabe Plotkin and Rick Schnall, two private equity investors.
The team as a whole was valued at $3 billion given the terms of the agreement, according to a person familiar with its details who was not authorized to discuss them publicly and spoke on the condition of anonymity. The team, in its announcement of the sale, did not disclose what percentage of his stake Jordan would sell but said he would remain a minority investor.
The acquiring group also includes the country music star Eric Church and the rapper J. Cole, both of whom are from North Carolina.
Jordan won six championships with the Chicago Bulls in the 1990s and is considered by many to be the greatest basketball player ever. A representative for Jordan did not respond to a request for comment.
Source: The New York Times
