Michael Jordan sells major part of NBA's Hornets to pair of investors, retains majority control
9/15/2019 11:17:31 AM

Michael Jordan has agreed to sell a major part of the NBA's Charlotte Hornets to a pair of investors, but still retain majority control of the team, according to reports.

Gabe Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital, both out of New York, will be brought in by the team after the deal is approved by NBA owners as expected.

Jordan, the former NBA superstar considered by some to be the best to ever play the game, purchased the Hornets from Bob Johnson for $180 million in 2010.

A source told the Charlotte Observer that Jordan plans to continue on as team owner and driving force “for a long time.” 

The percentage of the team they purchased and the price haven't been released and neither has a history in ownership of a sports franchise.

While Jordan was a winner at UNC and the Chicago Bulls, that hasn't translated to success with the Hornets, though the team is now worth $1.3 billion according to Forbes.

Charlotte has missed the playoffs the last three seasons, posting a 39-43 record in 2018-19.

Article © Fourth Estate - All Rights Reserved.
Provided by FeedSyndicate
Courtesy: FeedSyndicate

<< BACK