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Jordan 'proud' of Hornets as sale of NBA team finalized

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="US former NBA basketball player Michael Jordan looks on during the Ryder Cup 2018 at The Golf National in Guyancourt, near Paris, France, Sept. 28, 2018. Ian Langsdon, EPA-EFE/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/overseas/04/12/jordan.jpg"/><figcaption>US former NBA basketball player Michael Jordan looks on during the Ryder Cup 2018 at The Golf National in Guyancourt, near Paris, France, Sept. 28, 2018. <em>Ian Langsdon, EPA-EFE/File</em></figcaption></figure></div><p>WASHINGTON - NBA legend Michael Jordan&#x27;s tenure as a majority owner in the league officially ended Thursday as the sale of his stake of the Charlotte Hornets was approved by league governors.</p><p>The purchasing group is led by Gabe Plotkin, chief investment officer at Tallwoods Capital LLC, and Rick Schnall, co-president of private equity firm Clayton, Dubilier &amp; Rice.</p><p>&quot;The sale, which has been approved by the NBA Board of Governors, immediately gives Plotkin and Schnall the controlling interest in the franchise,&quot; the Hornets said in a statement.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/sports/06/17/23/michael-jordan-to-sell-majority-stake-in-charlotte-hornets">NBA: Michael Jordan to sell majority stake in Charlotte Hornets</a></li></ul><p>Plotkin and Schnall said they would serve as co-chairmen of Hornets Sports and Entertainment &quot;and will rotate the team&#x27;s governorship every five years, beginning with Schnall.&quot;</p><p>The deal, first announced in June, reportedly valued the Hornets at $3 billion.</p><p>Jordan acquired a controlling investment in the Hornets in 2010 for $275 million. The franchise had been the league&#x27;s sole team with Black-majority ownership.</p><p>Jordan, who retained a minority stake in the franchise, said in a statement he was grateful to have the chance to guide the team for more than a decade.</p><p>&quot;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 honor,&quot; Jordan said.</p><p>&quot;I&#x27;m proud of all that the organization 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.</p><p>&quot;Through the years, the unwavering commitment, passion and loyalty of our Hornets fans has been incredible. As I transition into a minority ownership role, I&#x27;m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick.&quot;</p><p>Often considered the greatest-ever basketball player, Jordan led teams to six NBA titles, won the league&#x27;s Most Valuable Player award five times and garnered two Olympic gold medals. He played his last game professionally in 2003.</p><p>However, Jordan&#x27;s tenure as an owner was less successful.</p><p>During his 13-year reign, Charlotte reached the playoffs just three times, losing in the first round on all three occasions.</p><p>Last season, Charlotte finished one place off the bottom of the Eastern Conference at 27-55.</p><p>Schnall and Plotkin said in their joint statement that they hope to build on the &quot;stability&quot; that Jordan brought to the franchise.</p><p>&quot;We&#x27;re excited about the organization&#x27;s future,&quot; they said. &quot;Our vision is to take the Hornets to the next level both on and off the court.&quot;</p><p>bb/rcw</p><div><strong>© Agence France-Presse</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2509146" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

NBA legend Michael Jordan's tenure as a majority owner in the league officially ended Thursday as the sale of his stake of the Charlotte Hornets was approved by league governors.