What is Rick Schnall's net worth? Looking at business empire of Charlotte Hornets' new owner

Rick Schnall led the group, alongside Gabe Plotkin, that purchased the majority share of the Charlotte Hornets. The group purchased the majority ownership for $3 billion.

Schnall and Plotkin will be the team representatives and the governors for the Hornets. They will rotate the main governor role every five years, starting with Schnall. The sale was approved 29-1 by the current NBA owners. New York Knicks owner James Dolan was the only one to vote against the sale.

Rick Schnall is a businessman who is worth at least $5 million, as the exact figure isn't available. However, that number seems short given his business empire and investments. His net worth should now dramatically increase as an owner of an NBA franchise.

Schnall is the co-president of the private equity firm Clayton, Dubilier & Rice in New York. He worked at the company for 27 years and built the majority of his fortune through the firm.

The firm is worth more than $526 million. It has a multitude of clients.

Schnall oversees the tech, medical and financial services verticals at the company. All three are highly valued and extremely profitable accounts.

Who is Rick Schnall?

Schnall has experience with NBA ownership. He was previously a minority owner of the Atlanta Hawks. He relinquished and sold his share in the Hawks to buy the Hornets.

Beyond the private equity firm, Schnall has real estate and construction planning experience as well. He helped lead the group on redesigns and renovations to the State Farm Arena in Atlanta, Georgia. He was also hands on in the team-building with the Hawks. He will likely be heavily involved in player management and personnel with the Hornets as well.

He graduated from the University of Pennsylvania. He also has another Ivy League degree from the Harvard Business School.