NBA legend Michael Jordan's tenure as a majority owner in the league officially ended Thursday as the sale of his stake of the Charlotte Hornets was approved by league governors.
The purchasing group is led by Gabe Plotkin, chief investment officer at Tallwoods Capital LLC, and Rick Schnall, co-president of private equity firm Clayton, Dubilier & Rice.
"The sale, which has been approved by the NBA Board of Governors, immediately gives Plotkin and Schnall the controlling interest in the franchise," the Hornets said in a statement.
Plotkin and Schnall said they would serve as co-chairmen of Hornets Sports and Entertainment "and will rotate the team's governorship every five years, beginning with Schnall.