Hornets Sports activities & Leisure (HSE) introduced immediately that Chairman Michael Jordan has reached an settlement to promote his majority stake within the Charlotte Hornets to a gaggle (“the Purchaser Group”) led by Gabe Plotkin and Rick Schnall.
Plotkin, who acquired a minority stake within the Hornets in 2019, has been an alternate governor on the NBA Board of Governors since 2019 and is the founder and chief funding officer of Tallwoods Capital LLC. Schnall is co-president of Clayton, Dubilier & Rice LLC, the place he has labored for 27 years, and has been a major minority proprietor of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015. Schnall is within the means of promoting his funding within the Hawks, which is anticipated to be accomplished within the subsequent a number of weeks.
The Purchaser Group will even embody Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Companions, North Carolina natives recording artist J. Cole and nation music singer-songwriter Eric Church, and several other native Charlotte buyers, together with Amy Levine Dawson and Damian Mills.
As a part of the transaction, Jordan will retain a minority possession share of the workforce. The transaction is topic to the approval of the NBA Board of Governors. Together with the Hornets, HSE possession consists of the Greensboro Swarm (NBA G League) and Hornets Venom GT (NBA 2K League), in addition to managing and working Spectrum Heart, every of which is included as a part of the sale.