Michael Jordan has agreed to sell a big part of the Charlotte Hornets to two New York-based investors, according to Rick Bonnell of the Charlotte Observer.
Gabe Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital, are the two people in question. Both potential owners must be approved by the league, but that is already on its way while the sale is expected to be completed in the next couple of weeks, a league source confirmed.
Controlling about a 97 percent stake in the Hornets, this deal won’t affect the NBA legend and his control of the team or its operations. Another source familiar with the case said MJ plans to own and run the Hornets “a good, long time.”
It’s still unclear what percentages Plotkin and Sundheim are buying or the price they are paying for the stakes. Back in February, Forbes estimated the Hornets were worth about $1.3 billion, something remarkable seeing Jordan’s original investment of $180 million.
A source familiar with the deal said Jordan is looking to add investors with deep resources who might offer new ideas on technology advances.
After all the money he earned during his playing days, mostly thanks to his still-iconic “Jordan Brand” division of Nike, Forbes recently estimated Jordan’s personal fortune at roughly $1.9 billion, which helped him to become the only former player with a controlling stake in an NBA franchise.