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.”
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.