The final act in the sale of the Charlotte Hornets by former owner Michael Jordan to a group of investors was completed on Thursday, the NBA franchise announced. “The sale, which has been approved by the NBA Board of Directors, immediately gives Plotkin and Schnall control of franchise interests,” the Hornets said in a statement.
Majority owner since 2010, “MJ”, who will retain a minority share, announced in June its sale to a group of investors led by financier Gabe Plotkin, who had already been a minority shareholder since 2019, and Rick Schnall, co-chairman of a private equity firm. The amount of the transaction would be 3 billion dollars according to the American press.
“I’m proud of what the franchise has accomplished: the exciting moments on the court, bringing the Hornets name back, receiving the 2019 NBA All-Star Game,” said Michael Jordan, praising “commitment , passion and loyalty of the supporters”.
During the six-time NBA champion’s 13 years at the helm of the franchise, the sporting results have been poor: the Hornets have reached the playoffs only three times, for as many eliminations in the first round. Last season, Charlotte finished second to last in the Eastern Conference with 27 wins and 55 losses.