Charlotte Hornets owner Michael Jordan is selling part of his stake in the team, per Rick Bonnell’s report for the Charlotte Observer. Jordan will maintain his controlling stake and with that, his position as the face of the team. No word on how much he is selling or the value of the sale. According to Bonnell, “a source familiar with the deal said Jordan is attracted to adding investors with deep resources who might offer new ideas regarding technology advances.”
The two investors that have been brought into the fold are Gabe Plotkin and Daniel Sunheim. Both are founders of investment management companies.
Michael Jordan commented on the sale for Hornets.com:
I’m excited to welcome Gabe and Dan as my partners in Hornets Sports & Entertainment. While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team’s NBA Governor, Gabe and Dan’s investment in the franchise is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA. Both Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for the game of basketball. They share my commitment to Charlotte and the Carolinas, and I look forward to working with and learning from them.