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Michael Jordan Sells Equity Stake In Hornets

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September 16, 2019

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Photo: The Slam Online

According to a Charlotte Hornets team press release, two New York-based investors Gabe Plotkin and Daniel Sundheim have bought into the franchise as minority partners.

Michael Jordan commented, “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 said in the press release.

Jordan, who owns approximately 97% of the Hornets, is not giving up his majority ownership. He took majority ownership in 2010 with a $180 million investment. Forbes estimates the Hornets are worth approximately $1.3 billion – 28th of 30 NBA teams.

Jordan believes, “Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for basketball,” Jordan said. “They share my commitment to Charlotte and the Carolinas.”

The Charlotte Observer reported Jordan “plans to remain the Hornet’s primary owner for a long time.”

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