Who are the new owners of Charlotte Hornets? Dissecting the acquisition by Gabe Plotkin, J. Cole and Co.

Gabe Plotkin and Rick Schnall's ownership group have received approval from the NBA for purchasing the Charlotte Hornets, fast-tracking the end of Michael Jordan's 13-year term as the team's majority owner.

Plotkin and Schnall will be the governors and team representatives at owner meetings. Other investors have joined the purchase as minority owners. Rapper J. Cole and other stars from North Carolina own small stakes in the NBA franchise.

Plotkin’s group has reportedly purchased the Charlotte Hornets for $3 billion, and the deal will officially go through in the next few weeks. Jordan had paid $275 million for the majority stake in 2010. He was the only African-American majority owner in the league.

The owners approved the sale in a 29-1 vote, with the lone disagreement by New York Knicks owner James Dolan.

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Who are the new majority owners of the Charlotte Hornets?

Hornets Jordan Sale Basketball

With a net worth of more than $400 million, Gabe Plotkin owned the hedge fund Melvin Capital and was its chief investment officer. As of April 2022, his firm managed $7.8 billion in assets.

However, the firm decided to dissolve its assets and return funds to customers, as Plotkin will now focus on NBA ownership. The company previously managed a portion of Michael Jordan's personal wealth.

Plotkin was a minority owner in the Charlotte Hornets before acquiring the majority share this year. On the other hand, Rick Schnall, co-president of the private equity firm Clayton, Dubilier & Rice in New York, was a minority owner in the Atlanta Hawks but will give up that share as part of the purchase of the Hornets.

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Who are the minority owners of the Hornets?

Michael Jordan will keep a minority stake in the Charlotte Hornets once the sale goes through. He will reportedly still be the face of the franchise and have input on team personnel decisions. Jordan was widely said to have had the final say in the Hornets' draft decisions this year despite agreeing to sell the team prior to the draft.

Rapper J. Cole also has a minority stake in the team. The rapper is from nearby Fayetteville, North Carolina, and heavily reps the state. He often includes references to Carolina in his songs.

Cole is also a massive basketball fan. He plays the game frequently in his free time and even played professionally for a brief time in NBA’s Africa League.

Country singer and superstar Eric Church also owns a minority stake in the team. Church is from Granite Falls, North Carolina. He is a massive sports fan of teams from the state. Church has even canceled concerts to attend sporting events of his favorite teams.