CHARLOTTE, N.C. (AP) — The sale of the majority stake of the Charlotte Hornets from six-time NBA champion Michael Jordan to Gabe Plotkin and Rick Schnall has been finalized, the team announced Thursday.
The Hornets planned to introduce Plotkin and Schnall at a news conference later in the day.
Jordan, who has owned the team for the past 13 years, said in a news release that it was a “tremendous honor” to own the Hornets but didn’t give an explanation for why he sold the franchise.
He will remain on as a minority owner.
“I’m proud of all that the organization accomplished: the exciting on-court moments, the return of the Hornets name, Charlotte hosting the 2019 NBA All-Star Game and HSE (Hornets Sports and Entertainment) becoming a true pillar of this community," Jordan said.