Michael Jordan Sells Majority Stake in Hornets

The Charlotte Hornets are expected to be under new ownership in the coming months, according to ESPN’s Adrian Wojnarowski.

Michael Jordan is selling his majority stake in the Charlotte Hornets to the Gabe Plotkin/Rick Schnall group for an approximate $3 billion valuation, league sources tell ESPN.

Jordan, 60, has owned a stake in the Charlotte franchise for 13 years, back when they were the Bobcats. He was a key contributor in helping the organization regain the rights back to the Hornets moniker, which the city held from 1988-2002 before they were relocated to New Orleans.

Jordan will remain a minority owner of the franchise, but majority control now goes to Gabe Plotkin and Rick Schnall’s group.

Plotkin is a hedge fund manager, investor, and former Chief Investment Officer of Melvin Capital.

Schnall is a partner at Clayton, Dubilier & Rice, a private equity company. He leads the financial services and technology team.

Should Jody Allen have a change of heart and wish to sell the Portland Trail Blazers, the price may have just gone up.