The sale of Gabe Plotkin and Rick Schnall to the Charlotte Hornets has been approved by the NBA board of directors, paving the way for Michael Jordan to step down after 13 years in charge of the team.
With a vote of 29-1, the managers of the organizing authority in the American league gave the “green light” for the above development, with the only person who was against this particular move being the owner of the Knicks, James Dolan.
According to ESPN, the sale of the team will reach about $3 billion and will be completed within the next few days, with two weeks at the latest.
Schnall owned a small stake in the Hawks, while Plotkin owned a stake in the Hornets, with the two men now forming the power duo on the team’s board, with Jordan retaining a small percentage of the team.
Jordan, who is considered the leading player in the history of the League with 6 championships and 5 MVPs, had bought the Charlotte team for 275 million dollars in 2010 and had previously given a significant stake to Gabe Plotkin, owner and consultant at the investment office “Melvin Capital” and Daniel Sandhay, who heads “D1 Capital”.
Source: Sport Fm
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