Hornets sale accredited with Knicks proprietor James Dolan the lone opposing vote

The Charlotte Hornets have a brand new proprietor after the NBA’s board of governors accredited the sale of the group from Michael Jordan to a bunch led by Rick Schnall and minority proprietor Gabe Plotkin.

The sale was accredited by a 29-1 vote, according to ESPN, with Knicks proprietor James Dolan being the lone vote in opposition to the sale.

It’s unknown why Dolan voted in opposition to approving the deal. 

In any occasion, the sale implies that the NBA legend’s tenure as majority proprietor of the Hornets got here to an finish, although he’ll retain a minority stake within the group.

Jordan had owned a majority share of the membership for the previous 13 years after paying $275 million for it again in 2010. 

The sale of the group might be finalized inside two weeks, in accordance with ESPN.

The Hornets are being bought at an approximate $3 billion valuation. 

Jordan had been the NBA’s solely black majority proprietor, and the sale means the league will now be with out one going ahead. 

Whereas Jordan is arguably one of many best to play the sport of basketball, he by no means discovered the identical success as an proprietor.

The Hornets went 423-600 with Jordan as an proprietor and by no means gained a playoff sequence. 

They haven’t made the postseason within the final seven years and have by no means gained a playoff sequence with Jordan as an proprietor both. 

Jordan agreed to sell the franchise last month to Plotkin and Schnall, and the brand new possession group additionally consists of J Cole and Eric Church. 

Schnall had owned a minority stake within the Atlanta Hawks, which he’s reportedly promoting as a part of his deal to purchase the Hornets.

Jordan agreed to promote the membership on June 16. 

Schnall is the co-president of the personal fairness agency of Clayton, Dubilier & Rice. 

Plotkin has owned a minority stake within the group since 2019.