Michael Jordan reaches agreement to sell majority stake in Charlotte Hornets

Charlotte, N.C. — Michael Jordan is selling his majority stake in the Charlotte Hornets after a 13-year run.

Hornets Sports & Entertainment announced Friday that Jordan reached an agreement to sell his majority stake in the Hornets to a group (“the Buyer Group”) led by Gabe Plotkin and Rick Schnall.

Jordan will retain a minority ownership share of the team. The Hornets reached the playoffs just twice in his stint as a majority owner.

Plotkin acquired a minority stake in the Hornets in 2019 and has been on the NBA Board of Governors since 2019. He's the founder and chief investment officer of Tallwoods Capital LLC.

The Buyer Group also includes Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, North Carolina natives recording artist J. Cole and country music singer-songwriter Eric Church, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.

Jordan is a revered figure throughout the basketball world, but especially in North Carolina. Jordan grew up in Wilmington and played for three seasons at UNC. Jordan hit the game-winning jump shot to give the Tar Heels the 1982 national title to cap a memorable freshman year.