Report: NBA’s board of governors approves sale of Charlotte Hornets

CHARLOTTE, N.C. — The NBA’s board of governors has approved the sale of the Charlotte Hornets, ending Michael Jordan’s 13-year tenure as majority owner, according to a published report on Sunday.

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ESPN, citing an unnamed source, said the board approved the sale of the franchise to a group led by Rick Schnall and Gabe Plotkin. Sources told the cable sports news outlet that the vote was 29-1 to approve the sale, with New York Knicks owner James Dolan casting the lone dissenting vote.

Jordan is the only Black majority owner of an NBA team, WSOC-TV reported. The sale of the team was announced in mid-June.

The final sale is expected to close within the next two weeks, Sports Illustrated reported.

Schnall, who was a minority owner with the Atlanta Hawks, and Plotkin, a minority owner with the Hornets, will become the franchise’s governors, according to ESPN. Jordan will maintain a minority stake in the franchise.

Plotkin is the founder and chief investment officer of Tallwoods Capital LLC, Sports Illustrated reported. Schnall is co-president of Clayton, Dubilier & Rice LLC, according to the magazine.

Jordan, a six-time NBA champion with the Chicago Bulls, became majority owner of the Charlotte franchise, which was then known as the Bobcats, in March 2010, according to The Athletic. He paid $275 million for the franchise. The sale of the team this year is expected to be in the $3 billion range, ESPN reported.

Charlotte went 423-600 during Jordan’s 13 full seasons as the franchise’s majority owner, according to Sports Illustrated.