Michael Jordan ‘proud’ of Charlotte Hornets as sale of NBA team finalised

WASHINGTON – National Basketball Association (NBA) legend Michael Jordan was grateful for a “tremendous honour” as his tenure as a majority owner in the league officially ended on Thursday, with the sale of his stake in the Charlotte Hornets approved by the league’s governors.

The buyers were led by Gabe Plotkin, chief investment officer at Tallwoods Capital, and Rick Schnall, co-president of private equity firm Clayton, Dubilier & Rice.

“The sale, which has been approved by the NBA board of governors, immediately gives Plotkin and Schnall the controlling interest in the franchise,” the Hornets said in a statement.

Plotkin and Schnall said they would serve as co-chairmen of Hornets Sports and Entertainment (HSE) and “will rotate the team’s governorship every five years, beginning with Schnall”, who is also a minority owner of the Atlanta Hawks.

The deal, first announced in June, reportedly valued the Hornets at US$3 billion (S$4 billion).

Jordan acquired a controlling investment in the Hornets in 2010 for US$275 million. The franchise had been the league’s sole team with black-majority ownership.

The 60-year-old, who retained a minority stake in the franchise, said in a statement he was thankful to have had the chance to guide the team for more than a decade.

“The opportunity to be the majority owner of the Charlotte Hornets in my home state of North Carolina for the last 13 years has been a tremendous honour,” Jordan said.

“I’m proud of all that the organisation accomplished – the exciting on-court moments, the return of the Hornets name, Charlotte hosting the 2019 NBA All-Star Game and HSE becoming a true pillar of this community.

“Through the years, the unwavering commitment, passion and loyalty of our Hornets fans have been incredible.

“As I transition into a minority-ownership role, I’m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick.”

Often considered the greatest-ever basketball player, the former Chicago Bulls star led teams to six NBA titles, won the league’s Most Valuable Player award five times and garnered two Olympic gold medals. Jordan played for the Bulls (1984-98) and the Washington Wizards (2001-03).

However, his tenure as an owner was less successful. During his reign, Charlotte thrice reached the play-offs but lost in the first round. Last season, the Hornets finished one place off the bottom of the Eastern Conference at 27-55.

Schnall and Plotkin also said in their joint statement that they hope to build on the “stability” that Jordan brought to the franchise.