Michael Jordan in the sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall

On June 16th, 2023, Hornets Sports & Entertainment (HSE) announced that Chairman Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. The transaction is subject to the approval of the NBA Board of Governors.

Plotkin, who acquired a minority stake in the Hornets in 2019, has been an alternate governor on the NBA Board of Governors since 2019 and is the founder and chief investment officer of Tallwoods Capital LLC. Schnall is co-president of Clayton, Dubilier & Rice LLC, and has been a significant minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015. As part of the transaction, Michael Jordan will retain a minority ownership share of the team.

Michael Jordan and Hornets Sports & Entertainment are represented in the transaction by Wachtell, Lipton, Rosen & Katz.