NBA reportedly approves Charlotte Hornets sale: What happens now?
The NBA's board of governors has reportedly given the green light for the Charlotte Hornets' sale to a group led by Rick Schnall and Gabe Plotkin.
This transaction, one which is expected to be finalized in the next one to two weeks, will mark the end of Michael Jordan's 13-year ownership of the team.
According to ESPN's Adrian Wojnarowski, the sale was agreed upon for a staggering $3 billion. The team officially announced the sale on June 16, confirming that Jordan will still retain a minority ownership in the franchise.
Plotkin had previously acquired a minority stake in the Hornets in 2019 and has served as an alternate governor on the NBA board of governors since then. He is the founder and chief investment officer of Tallwoods Capital LLC.
On the other hand, Schnall is the co-president of Clayton, Dubilier & Rice LLC and has been a minority owner of the Hawks and an alternate governor on the NBA board of governors since 2015.
Jordan's ownership journey began when he acquired a minority stake in the then-Charlotte Bobcats in 2006 and four years later he took over as the majority owner of the team. However, during his ownership, the franchise has seen limited success on the basketball court, making only three playoff appearances.
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