NBA approves sale of Jordan's majority stake in the Hornets

Michael Jordan's era as the owner of an NBA (National Basketball Association) team has come to an end, as the approval for the sale of his stake in the Charlotte Hornets was confirmed by the league on Thursday.

A buying group led by Gabe Plotkin, Chief Investment Officer of "Tuluwoods Capital LL C," and Rick Schnall, one of the heads of the private equity firm "Clayton, Dubilier & Rice," will now take over the majority ownership of the franchise.

The Hornets stated in a press release that "the sale, approved by the NBA Board of Governors, gives Plotkin and Schnall controlling interest in the franchise immediately."

Plotkin and Schnall announced that they will both serve as co-chairmen of the Hornets, "alternating as team chairman every five years, starting with Schnall."

In response, Jordan, who will retain a minority ownership stake in the club, expressed in a statement that he is "grateful for the opportunity to lead the team for over a decade."

According to ESPN sources, Jordan's stake in the team is valued at approximately three billion dollars.

Jordan, who is 60 years old, acquired the majority ownership of the Hornets in 2010, becoming the only team owner in the league to be a person of African-American descent.

Considered by many as the greatest basketball player of all time, Jordan led the Chicago Bulls to six championships between 1991 and 1998 and won the league's Most Valuable Player award five times. He also achieved Olympic gold medals with the USA basketball team in 1984 and 1992.

He played his final official game in 2003.

Earlier this year, Jordan's successful partnership with sportswear company "Nike" was featured in the film "Air," directed by Ben Affleck.

 

 

 

 

 

 

 

 

 

 

 

AFP