Michael Jordan Sells Part Of Hornets

SEPTEMBER 27: The transaction has been approved by the NBA and is effective immediately, according to a team press release.

SEPTEMBER 14: Hornets owner Michael Jordan has reached an agreement to sell a portion of the franchise to two investors from New York, but he will retain control of the team, reports Rick Bonnell of The Charlotte Observer.

The buyers are Gabe Plotkin, a founder of Melvin Captal, and Daniel Sundheim, a founder of DI Capital. They must receive league approval, but a source tells Bonnell that process is already under way and the sale is expected to be finalized in about two weeks.

The percentage that Plotkin and Sundheim will acquire and the price they will pay were not revealed. Jordan presently controls roughly 97% of the team. Another source indicates that he plans to run the organization for “a good, long time.”

“I’m excited to welcome Gabe and Dan as my partners,” Jordan said in a statement tweeted by Marc J. Spears of The Undefeated. “While I continue to run the Charlotte Hornets, make all decisions related to the team and organization, Gabe and Dan’s investment in the franchise is invaluable as we continue to modernize, add new technology and strive to compete with the best in the NBA.”

Despite being considered a small-market organization, the Hornets have appreciated greatly in value since Jordan bought them in 2010. The purchase price was about $180MM, and Forbes estimated in February that the franchise is currently valued at $1.3 billion.

A source tells Bonnell that Jordan wanted to find investors who could help guide the team with technological advances. The Hornets also have a few smaller investors who owned part of the team before Jordan purchased it.

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22 thoughts on “Michael Jordan Sells Part Of Hornets

  1. afsooner02

    Learning lesson when Lebron eventually buys part of a team.

    Great players don’t mean great owners.

    • ChiSoxCity

      How many “great owners” are there in the NBA? One, maybe two? Most owners treat these teams as a cash cow, nothing more.

      • Reflect

        Clippers, Warriors, Raptors, Nets, Celtics, Nuggets, Heat. There’s plenty of good owners. Good ownership is just supplying money, hiring the right man and staying out of the way afterwards. They don’t have to know anything.

        MJs problem is he thinks he knows everything.

        • LordBanana

          This is a strange list. The Nets owner is the same guy the oversaw them being trash for most of the last decade. The Raptors are owned by an entertainment and real estate company. Nuggets have had the same owner for decades and have been pretty forgettable.

          Your definition of good owner is just random teams that were recently good and the Nets.

        • MDBigGame

          Boston’s ownership are some of the more financially poor in the league and they avoid the luxury tax like the plague

        • RockHard

          Mavericks.. Say what you want but Cuban is one of the best owners in sports

      • Jason Lancaster

        Spurs for sure. They’ve had the good sense to find and the retain great people. Jazz too – they’re not always willing to spend, but the Miller family has consistently fielded good teams. Heat ownership has spent freely and hired for people. Dallas too, only Cuban does some things that hurt the team now and then. Pacers are consistently good, and Simon runs a tight ship. Portland too. Balmer in LA seems like he’ll be good.

        I’d say that there are a few owners who emphasize the right things. Most of them are in small markets, however.

    • harden-westbrook-mvps

      Not many great owners, but there are certainly plenty of bad ones.

  2. Pleas make the Hornets just a little bit interesting. No one really cares to watch Terry 19Mil Rozier play with a bunch of crappy vets on expiring deals

  3. hinglemccringleberry

    Most of the former greats are terrible owners and General Managers.

    • LordBanana

      I can’t think of any other owner, can’t think of many players too. Jerry West, Larry Bird, Isiah Thomas

  4. jirogers72

    How about letting a investor who knows how to draft, evaluate talent and doesn’t waste huge contracts on bums. Bringing in technology gurus will only allow MJ to count his money. There got to be some rich guy out there that knows a little bit about running a successful sports franchise!

  5. x%sure

    Ex-players don’t have a great overall record as HCs & GMs. In baseball history, which was the first to generate examples, ex-stars usually made bad managers and ex-utility infielders were the best… though IDK about recently in the MLB.

    Jordan is about the only ex-pro owner I know of. Some owners played college ball.

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