photo credit: landmarkmedi // Shutterstock
Michael Jordan has agreed to sell a piece of his stake in the Charlotte Hornets. Jordan will now be adding partners into the mix of the Hornets, a team he purchased back in 2010 from Bob Johnson for about $180 million, giving Jordan about 97% control of the Hornets equity.
The sale is expected to close within the next few weeks to two New York based investors, Gabe Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital.
This deal will not involve Jordan giving up majority ownership of the franchise.
“While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team’s NBA Governor, Gabe and Dan’s investment in the team is invaluable,” Jordan said in a statement released by the Hornets. “Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for basketball. They share my commitment to Charlotte and the Carolinas.”
Written by Clarke Jones
Source: Charlotte Observer