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Sources: Michael Jordan agrees to sell Hornets stake for $3B
ESPN ^ | Jun 16, 2023 | Adrian Wojnarowski

Posted on 06/16/2023 8:58:15 AM PDT by MinorityRepublican

Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall for an approximate $3 billion valuation, according to league sources. The transaction ends Jordan's 13-year run as majority owner.

Schnall, a minority owner with the Atlanta Hawks, and Plotkin, a minority owner with the Hornets, will become the franchise's governors once the NBA completes its vetting and approval process. Jordan will continue to oversee basketball operations through Thursday's NBA draft and the start of free agency July 1.

Once the sale is complete, Jordan will keep a minority stake and maintain a presence with the franchise.

Jordan, a six-time NBA champion and five-time MVP, is largely considered to be the greatest player in the history of the game and has been the league's only Black majority owner. Jordan paid $275 million for a majority stake in the franchise in 2010.

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 Sundheim is part of the group purchasing the Hornets, sources said.

Schnall, co-president at private equity firm Clayton, Dubilier & Rice in New York, was part of a group including majority owner Tony Ressler and Grant Hill that purchased the Hawks in 2015 for $850 million.

(Excerpt) Read more at espn.com ...


TOPICS: Sports
KEYWORDS: charlottehornets; michaeljordan
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To: Allegra

With football, the more games means the more chances to get an injury that one lives with the rest of one’s life. Since I was a late bloomer, and wasn’t a starter, most of my beatings happened in practice, and therefore didn’t get anything more than bruises and cuts.


21 posted on 06/16/2023 10:16:08 AM PDT by Zuriel (Acts 2:38,39....Do you believe it?)
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To: Glad2bnuts

Just to make lemonade here: thanks to these playas there’s a market FOR the shoes that thus creates work leading to room, board and bread?


22 posted on 06/16/2023 10:16:36 AM PDT by avenir ("They sang His praise...they soon forgot His works")
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To: Zuriel

“But people pay to be entertained.”

There are so many things to do in the woodshop or garage. I never watch sporting events anymore or movies.


23 posted on 06/16/2023 10:19:10 AM PDT by alternatives?
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To: MinorityRepublican

So... Tell me how America is so racist a black man can become a billionaire chasing a ball? I remember during his heyday all the kids wanted to be Michael Jordan. His face was everywhere. He was kind, talented, and patriotic. NO ONE said anything about him being black. No one cared. All the things the modern left has worked to destroy.

Now we have sniveling punks like LeBron James who complain non stop about how hard they have it.


24 posted on 06/16/2023 10:48:21 AM PDT by Organic Panic (Democrats. Memories as short as Joe Biden's eyes)
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To: Organic Panic
the kids wanted to be Michael Jordan. His face was everywhere. He was kind, talented, and patriotic. NO ONE said anything about him being black. No one cared. All the things the modern left has worked to destroy.

I was a kid when I saw Michael Jordan play basketball on TV. I never thought of him as a Black man. I just saw him as the greatest basketball player ever to play the game.

25 posted on 06/16/2023 11:26:48 AM PDT by MinorityRepublican
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To: MinorityRepublican

I still say though that it was Dr. J that was responsible for the growth of the NBA. Before that, they wouldn’t even show the NBA Finals Live on TV.


26 posted on 06/16/2023 11:28:56 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: Organic Panic
Now we have sniveling punks like LeBron James who complain non stop about how hard they have it.

A lot of it, I blame on Obama. I think back in 2008, America wanted to open a new chapter in our history. But the funny thing is that Obama is a Kenyan-American. So his family had nothing to do with the legacy of slavery.

27 posted on 06/16/2023 11:29:02 AM PDT by MinorityRepublican
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To: Organic Panic

Jordan changed the game for professional sports players, because he would only sign with Nike if he would make a certain percentage off every Air Jordan ever sold. That’s what made him Ultra-wealthy.


28 posted on 06/16/2023 12:03:02 PM PDT by paltz
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To: paltz

Jordan also understood that Republicans buy shoes, too.


29 posted on 06/16/2023 12:03:44 PM PDT by dfwgator (Endut! Hoch Hech!)
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To: dfwgator
I still say though that it was Dr. J that was responsible for the growth of the NBA. Before that, they wouldn’t even show the NBA Finals Live on TV.

That was before my time. You could say that the NBA really started to take off with the Bird vs Magic rivalry in the early '80s.

30 posted on 06/16/2023 12:29:00 PM PDT by MinorityRepublican
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To: MinorityRepublican

Great basketball player.

I’m not sure if were a better owner than he was baseball player.

I always thought he missed his second sport.

He could have been the greatest soccer goalie of all time.

Length, reactions, and hand-eye coordination would have made him the best.

But Mike is probably like me, could care less about the game most of the world calls football.


31 posted on 06/16/2023 12:35:29 PM PDT by Biblebelter
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To: alternatives?

Any more, aside from watching grandkids play (which is getting too much, because of some of the other kids parents being more obsessed than the kids), my idea of a sporting event is watching someone do a job, and be so good at it they make it look easy; such as brick laying.


32 posted on 06/16/2023 12:35:41 PM PDT by Zuriel (Acts 2:38,39....Do you believe it?)
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To: Biblebelter
I’m not sure if were a better owner than he was baseball player.

He may be like me. I don't think he's that interested in the NBA anymore. The product isn't just the same. There are other things that Jordan is doing right now. Playing golf. Gambling. Getting on a yacht.

33 posted on 06/16/2023 12:42:49 PM PDT by MinorityRepublican
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To: MinorityRepublican

If I were a billionaire, a pro team is the last thing I would buy. Each league comes with numerous strings attached to all team owners. You don’t feel like a billionaire when you join a club that tells you how to behave. And is dependent on revenue from the likes of China and American advertisers. It can’t help but be frustrating.


34 posted on 06/16/2023 1:01:10 PM PDT by poinq
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To: MinorityRepublican

A lot of former pro athletes are in debt up to their necks.


35 posted on 06/16/2023 1:04:10 PM PDT by Texas resident (We are living through Barak's fundamental transformation)
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To: poinq

No one has any idea where the mega franchises would trade. Yankees could go for $20 billion for sure. NFL owners can be picky about their ownership groups — an absolute auction for the Cowboys could be $20 billion as well. Probably more like $10 billion to an acceptable buyer.


36 posted on 06/16/2023 1:23:07 PM PDT by only1percent
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To: poinq
And is dependent on revenue from the likes of China and American advertisers.

The NBA seems to be the worst. I would rather be an NFL owner, at least you can be one of the guys. Just don't be too obvious about it.

37 posted on 06/16/2023 2:33:29 PM PDT by MinorityRepublican
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