Retired basketball superstar Michael Jordan is selling his majority ownership of the Charlotte Hornets to an investment group led by Gabe Plotkin and Rick Schnall, the team announced Friday.
Jordan will retain minority ownership as part of the deal, the Hornets said. The terms of the deal were not disclosed.
Jordan's representatives did not immediately respond Friday to additional requests for comment from NBC News.
Jordan secured a majority stake in the Hornets in 2010 for $275 million, CNBC reports.
Plotkin acquired a minority stake in the Hornets in 2019, the team said. He 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, where he has worked for 27 years, and has been a minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015, the Hornets said.
Schnall is in the process of selling his investment in the Hawks, which is expected to be completed in the next several weeks, according to the Hornets' statement.
The investment group will also include Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, North Carolina natives rapper J. Cole and country music singer-songwriter Eric Church, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills, the Hornets said.
Jordan is arguably the greatest professional basketball player to ever live. He won six championships with the Chicago Bulls and six NBA Finals' MVP awards. He also boasts five league MVP awards.
