In a surprising move, NBA legend and Charlotte Hornets owner Michael Jordan has agreed to sell off a portion of the team to a pair of New York investors.
Jordan has worked out a deal that will see Melvin Capital’s Gabe Plotkin and DI Capital’s Daniel Sundheim join Hornets Sports and Entertainment as investors, a rep announced Wednesday. The deal is pending NBA approval.
Jordan paid $180 million in cash when he purchased 65 percent of the Hornets — then called the Bobcats — in 2010. Since then, his share of the ownership has grown to 97 percent and the team’s value has increased to an estimated $1.3 billion. Neither the percentage of the team he’s selling to Plotkin and Sundheim nor the amount they’re paying for it has been revealed.
Michael Jordan will sell a portion of the Hornets to two investors but remain majority owner of the team— Sports Illustrated (@SInow) September 15, 2019