The NBA’s Board of Governors has approved the sale of the Hornets to a group led by Rick Schnall and Gabe Plotkin, ESPN’s Adrian Wojnarowski reports.
Michael Jordan agreed to sell his majority stake in the franchise last month after a 13-year run as the team’s majority owner. The Hall of Famer is expected to remain involved with the franchise as a minority shareholder.
The completed sale of the team, which was purchased at an approximate $3 billion valuation, is expected to be formally executed within the next two weeks. Jordan, who had been the league’s lone Black majority owner, paid $275MM for a majority stake in the franchise in 2010.
Schnall, the co-owner of a private equity firm, and Plotkin are not newcomers to NBA ownership. Schnall had been a minority owner of the Hawks, while Plotkin had a minority share of the Hornets. They’ll now serve as the franchise’s co-governors.
Plotkin, founder and chief investment officer of Melvin Capital, acquired his minority share from Jordan in 202o. Another minority owner of the franchise, Daniel Sundheim, is also part of the purchasing group.
It’s not board of governors, they’re OWNERS! Private property is owned not governed.
I believe it is called that because it is just a subset of the owners, or basically a committee that acts on the financial matters of the league. Once they pass something it then goes to a full vote by all the owners.
A board of governors is a group of people appointed to oversee the management of an institution, with the NBA being the “institution” in this case. No one owner can make decisions for the NBA because the league as a whole isn’t owned by one person, so it would be a board of governors.
They can probably call themselves whatever they want. Maybe even go with “GWMDAS’s” which of course stands for “Guys Who Make Decisions And Stuff”
Technically the NBA owns the team…
The governers are just owners of the franchise titles…
It’s no different to a McDonald’s franchise… The parent company is the owner…
MJ getting PAID!!!
Dolan. What a griefer.
That’s the kindest of the words I’d use to describe Dolan. I’m not even a Knicks fan, but man, did that piece of trash ever ruin what used to be a marquee franchise.
Nice investment, Mike.
3 billion for the hornets wow
I’d say good riddance, but apparently MJ remains as a minority owner.
It’s not Michael Jordan fault the top
Players don’t like charlotte, but I got to admit his drafting history is not so great
That’s a lot of money for a team going nowhere fast…
Buying something from MJ will drive up any price tho…