According ESPNthe NBA Board of Governors has approved the sale of the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin, opening the door for Michael Jordan to leave as majority owner.
The vote would have ended at 29 to 1 to approve the sale. New York Knicks owner James Dolan recorded the only vote against, according to people familiar with the matter.
The sale of the team – bought at a value of around $3 billion – will be finalized over the next 14 days.
Schnall, a minority owner of the Atlanta Hawks, and Plotkin, already a minority shareholder of the Hornets, will therefore take control of the team.
Jordan will still retain a small shareholding in addition to a presence with the organization. The former Chicago Bulls star had already sold a portion of his shares in 2020 to Gabe Plotkin’s investment group.
By the time the Hornets were purchased in 2010, Jordan had paid $180 million and had become the league’s only black majority owner.
2023-07-24 02:57:41
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