Schnall owns a share of the Atlanta Hawks and is in the process of selling that share. He is now the founder the chief investment officer Tallwoods Capital. Before that, Plotkin’s firm earned millions of dollars for investors and Plotkin, who made more than $800 million 2020, according to Bloomberg. Plotkin, who bought a minority share of the Hornets four years ago, was the founder and chief investment officer of Melvin Capital, the investment firm that lost billions in the 2021 GameStop short squeeze. ![]() I have no doubt about that.” Who are Gabe Plotkin and Rick Schnall? ![]() “But the good news is I think regardless of his ownership status, he will remain part and parcel of everything that this league continues to do. He’s not living in the market right now, et cetera. “I recognize that over time, people’s interests move on to other areas. He’d still continue to have an interest in the league. However, Silver said in March: “One thing Michael has told me is that whether or not that transaction gets done, he will remain governor in the league, technically maybe the alternate governor instead of the governor, so he’ll still stay very involved. Jordan is set to make a profitable return on his investment after 13 years of ownership, and this will also open up time for Jordan to pursue interests outside of basketball. The sale is subject to the NBA Board of Governors approval. Jordan, who will retain a minority stake in ownership, bought the Hornets in 2010 at a $180 million valuation and likely will sell his share at a nearly $3 billion valuation. Values have gone up a lot since he bought that team, so that is his decision." "I'd only say that just in the same way that it's wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time. So, I'll let him answer a question what his current status is,” Silver said. "I'm not going to speak for Michael Jordan. Jordan has explored selling and late in the season, Plotkin and Schnall emerged as potential buyers for a majority share.ĭuring his NBA Finals news conference, Commissioner Adam Silver was asked about the status of a sale. The person requested anonymity because he was not authorized to speak publicly. ![]() NBA Hall of Famer Michael Jordan has reached a deal to sell a majority share of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, a person familiar with the transaction told USA TODAY Sports.
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