June 16, 2023 – In a major shift within the NBA’s ownership landscape, Hornets Sports & Entertainment (HSE) divulged on June 16th, 2023, that Michael Jordan, the legendary basketball player and Chairman of HSE, has inked a deal to transfer his predominant stake in the Charlotte Hornets. The helm of this new ownership structure is to be headed by Gabe Plotkin and Rick Schnall, both familiar figures within NBA’s business circles. The legal intricacies of this significant transaction are being expertly managed by the esteemed firm, Wachtell, Lipton, Rosen & Katz, representing Michael Jordan and Hornets Sports & Entertainment.

Gabe Plotkin, known for his involvement with the Hornets since 2019, had previously secured a minority stake in the team. Holding a significant role as an alternate governor on the NBA Board of Governors from the same year, Plotkin’s professional laurels include the establishment and leadership of Tallwoods Capital LLC, where he serves as the chief investment officer.

Rick Schnall’s foray into the NBA ecosystem traces back to 2015 when he became a prominent minority owner of the Atlanta Hawks and was subsequently named an alternate governor on the NBA Board of Governors. Beyond the world of basketball, Schnall’s business acumen is evident in his role as co-president of Clayton, Dubilier & Rice LLC.

While this transition marks a significant change in the ownership structure of the Charlotte Hornets, Michael Jordan’s bond with the team remains intact. As part of the ongoing transaction, he will continue to hold a minority ownership stake, ensuring his enduring association with the franchise he has been so closely connected to.

The proposed ownership shift awaits the nod of the NBA Board of Governors. As fans and stakeholders keenly await the conclusion of this transaction, it’s clear that the legacy of the Charlotte Hornets continues to evolve, bringing together stalwarts of the business and sports worlds.