Basketball star Michael Jordan is selling a share of the Charlotte Hornets to two New York-based businessmen; Gabe Plotkin and Daniel Sundheim. They are the founders of Melvin Capital and DI Capital, respectively.
According to the Charlotte Observer, the sale is still pending for approval from the NBA, but it is expected to go through anytime now. However, how much of the Hornets that Plotkin and Sundheim will buy has not yet been announced. Nevertheless, Michael Jordan will still own the majority of the team.
“I’m excited to welcome Gabe and Dan as my partners in Hornets Sports & Entertainment,” Jordan stated in a Hornets news release “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 franchise is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA.”
Jordan added, “Both Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for the game of basketball. They share my commitment to Charlotte and the Carolinas, and I look forward to working with and learning from them.”
The six-time NBA champion currently controls 97% of the Hornet’s equity, having bought the team in 2010 for $180 million.
This year, the Charlotte Hornets is valued at $1.3 billion by Forbes and finished last season with 39-43. Despite the loss of their leader, Kemba Walker, the Hornets are expected to make the playoffs in the next season.