The Charlotte Hornets’ sale was approved by a 29-1 vote, according to ESPN, with Knicks owner James Dolan being the lone vote against the sale.
The Charlotte Hornets have a new owner after the NBA’s board of governors approved the sale of the team from Michael Jordan to a group led by Rick Schnall and minority owner Gabe Plotkin., with Knicks owner James Dolan being the lone vote against the sale.In any event, the sale means that the NBA legend’s tenure as majority owner of the Hornets came to an end, though he will retain a minority stake in the team.
Jordan had owned a majority share of the club for the past 13 years after paying $275 million for it back in 2010. Michael Jordan’s sale of the Charlotte Hornets became official Sunday night.Jordan had been the NBA’s only black majority owner, and the sale means the league will now be without one going forward.
While Jordan is arguably one of the greatest to play the game of basketball, he never found the same success as an owner.They have not made the postseason in the last seven years and have never won a playoff series with Jordan as an owner either. Charles Wenzelbergto Plotkin and Schnall, and the new ownership group also includes J Cole and Eric Church.
Schnall had owned a minority stake in the Atlanta Hawks, which he’s reportedly selling as part of his deal to buy the Hornets.Schnall is the co-president of the private equity firm of Clayton, Dubilier & Rice.
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