Jordan selling share of Hornets,
will remain majority owner
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[September 16, 2019]
Michael Jordan is selling a
percentage of ownership in the Charlotte Hornets to a pair of New
York based businessmen.
The deal is pending NBA approval, but that is expected to occur
quickly, the Charlotte Observer reported.
Jordan's new partners will be Gabe Plotkin, a founder of Melvin
Capital, and Daniel Sundheim, a founder of DI Capital. How much of
the team they will buy has not been disclosed, but the Observer
called it "a large piece" though Jordan will remain majority owner.
"I'm excited to welcome Gabe and Dan as my partners in Hornets
Sports & Entertainment," Jordan said in a team-issued 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.
"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."
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![](../images/091619pics/sports39.jpg)
Charlotte Hornets owner Michael Jordan during the 2019 NBA All-Star
Game at Spectrum Center. Mandatory Credit: Bob Donnan-USA TODAY
Sports
![](http://archives.lincolndailynews.com/2016/Mar/14/images/ads/current/tires250x300.gif)
Jordan, a six-time NBA champion, bought the Hornets for about $180
million in 2010 and controls about 97 percent of the team equity.
Earlier this year, Forbes valued the Hornets at about $1.3 billion -
28th of the 30 NBA teams.
The Hornets finished 39-43 last season and lost their leader, Kemba
Walker, in free agency in the offseason. They made the playoffs
three times this decade, losing in the first round each time.
--Field Level Media
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