NBA legend Michael Jordan announced that he will be selling a minority stake in the Hornets Sports & Entertainment organization by adding two new investment partners.
As first reported by the Charlotte Observer, the Charlotte Hornets formerly known as the Bobcats will bring in Daniel Sundheim, Founder of D1 Capital, and Gabe Plotkin, Founder of Melvin Capital. The sale has to be approved by the NBA before it is official.
Jordan intends for the new partners to upgrade the team with new technological advances.
The six-time champion will continue to own a majority stake in the Hornets, which is worth over a billion dollars, and make all major decisions for the team.
“I’m excited to welcome Gabe and Dan as my partners in Hornets Sports & Entertainment,” Jordan said in a statement. “While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team’s NBA Governor, Gabe and Dan’s investment in the franchise is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA. Both Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for the game of basketball. They share my commitment to Charlotte and the Carolinas, and I look forward to working with and learning from them.”
Jordan originally purchased the Hornets from entrepreneur and former BET Networks owner Bob Johnson in 2010 for a reported $180 million.
