The Charlotte Hornets have a new owner after the NBA’s board of governors approved the sale of the team from Michael Jordan to a group led by Rick Schnall and minority owner Gabe Plotkin.
The sale was approved by a 29-1 vote, according to ESPN, with Knicks owner James Dolan being the lone vote against the sale.
It’s unknown why Dolan voted against approving the deal.
In any event, the sale means that the NBA legend’s tenure as majority owner of the Hornets came to an end, though he will retain a minority stake in the team.
Jordan had owned a majority share of the club for the past 13 years after paying $275 million for it back in 2010.
The sale of the team will be finalized within two weeks, according to ESPN.
The Hornets are being purchased at an approximate $3 billion valuation.
Jordan had been the NBA’s only black majority owner, and the sale means the league will now be without one going forward.
While Jordan is arguably one of the greatest to play the game of basketball, he never found the same success as an owner.
The Hornets went 423-600 with Jordan as an owner and never won a playoff series.
They have not made the postseason in the last seven years and have never won a playoff series with Jordan as an owner either.
Jordan agreed to sell the franchise last month to Plotkin and Schnall, and the new ownership group also includes J Cole and Eric Church.
Schnall had owned a minority stake in the Atlanta Hawks, which he’s reportedly selling as part of his deal to buy the Hornets.
Jordan agreed to sell the club on June 16.
Schnall is the co-president of the private equity firm of Clayton, Dubilier & Rice.
Plotkin has owned a minority stake in the team since 2019.