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Michael Jordan to Sell Majority Stake in Charlotte Hornets

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By- USA NATIONAL POST

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Basketball legend Michael Jordan has agreed to sell his majority stake in the National Basketball Association’s Charlotte Hornets to wealthy investors Gabe Plotkin and Rick Schnall, a representative for Jordan confirmed Friday.

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Jordan sold the stake for $3 billion, a source close to the deal told CNBC. Jordan will retain minority ownership of the team as part of the agreement.

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Jordan took a majority stake in the Hornets in 2010 for $275 million after previously holding a minority interest in the team. If the sale is approved, that will mean Jordan made roughly 10 times his original investment.

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Under the ownership of the six-time NBA champion Jordan, the Hornets have struggled, only making the playoffs two times.

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Plotkin acquired a minority stake in the Hornets in 2019 and has served as an alternate governor on the NBA Board of Governors. He’s the founder of investment management firm Tallwoods Capital.

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Schnall is co-president of private equity firm Clayton, Dubilier & Rice, where he has worked for 27 years. He has been a minority owner of the NBA’s Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015.

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He is in the process of selling his investment in the Hawks, which is expected to be completed in the next several weeks. 

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The sale includes other assets in the Hornets Sports & Entertainment group, including its G League team, the Greensboro Swarm; its esports team, the Hornets Venom GT; and the management and operation of the Spectrum Center, where the Hornets play.

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The transaction for the Hornets is subject to approval by the NBA Board of Governors.

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