The Charlotte Hornets announced that owner Michael Jordan agreed to sell a portion of the team to a couple of investors. Terms of the deal are not known and the sale is awaiting approval from the NBA.
The two investors are a founder of DI Capital, Daniel Sundheim, and a founder of Melvin Capital, Gabe Plotkin. They will become partners in Hornets Sports & Entertainment, of which Jordan is chairman. Jordan will continue to serve as team governor, and the majority of the team is still under his control. Sundheim and Plotkin don’t have previous ownership experience in a major sports franchise.
“Gabe and Dan’s investment is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA,” Jordan said. “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.”
Hornets Sports & Entertainment Chairman, Michael Jordan, has announced that Gabe Plotkin, Founder and Chief Investment Officer, Melvin Capital, and Daniel Sundheim, Founder and Chief Investment Officer of D1 Capital, will join HSE as partners. Read more: https://t.co/DaiXEpAKEF pic.twitter.com/6q65mYqBvQ
— Charlotte Hornets (@hornets) September 14, 2019
Jordan became part owner of the then-Charlotte Bobcats in 2006. Four years later, he bought out owner Bob Johnson for $175 million, upgrading his minority ownership to full ownership.
The Charlotte franchise is 441-609 (.420 win percentage) since the beginning of the 2006-07 campaign, which is the sixth-worst record in the NBA in that span. Only the Philadelphia 76ers, New York Knicks, New Jersey/Brooklyn Nets, Sacramento Kings, and Minnesota Timberwolves have a worse record than the Hornets.
H/T: ESPN
