Recently, hedge fund manager Gabe Plotkin and private equity executive Rick Schnall have finalized the purchase of majority ownership of the Charlotte Hornets from NBA legend Michael Jordan. This is a major move for the franchise, as it will bring in new leadership and resources to help the team reach its full potential.
Jordan had been the majority owner of the Hornets since 2010, and he was instrumental in bringing the team back to Charlotte after it had been relocated to New Orleans in 2002. Jordan has been credited with helping to turn the franchise around, as the Hornets have made the playoffs four times in the last seven years.
The purchase of majority ownership of the Hornets by Plotkin and Schnall is a major step forward for the franchise. Plotkin and Schnall are both experienced investors, and they have a history of success in their respective fields. Plotkin is the founder and CEO of Melvin Capital Management, one of the most successful hedge funds in the world. Schnall is a private equity executive who has worked with some of the biggest companies in the world, including Goldman Sachs and Microsoft.
The purchase of majority ownership of the Hornets by Plotkin and Schnall will bring new resources and leadership to the franchise. With their experience and expertise, they will be able to help the team reach its full potential. They have already made some moves to improve the team, such as signing former All-Star point guard Terry Rozier to a three-year deal.
Jordan will remain a part-owner of the team, but he will no longer be the majority owner. He will still be involved in the team’s decision-making process, but he will no longer be the primary decision-maker. Jordan has said that he is excited about the new ownership group and believes that they will do great things for the franchise.
The purchase of majority ownership of the Charlotte Hornets by Gabe Plotkin and Rick Schnall is a major move for the franchise. With their experience and resources, they will be able to help the team reach its full potential. It will be exciting to see what they can do for the Hornets in the coming years.
