Basketball legend Michael Jordan will sell his majority stake in the NBA's Charlotte Hornets to an investment consortium, the team announced Friday.
The buyer group is led by Gabe Plotkin, chief investment officer at Tallwoods Capital LLC and Rick Schnall, co-president of private equity firm Clayton, Dubilier & Rice. The group also includes musicians J. Cole and Eric Church, said a press release from Hornets Sports & Entertainment that did not disclose financial terms.
The star player, often known as "MJ," will retain a minority stake in the franchise, the team said. The transaction is subject to approval of the National Basketball Association.
Jordan acquired a controlling investment in the Hornets in 2010. The franchise has been the league's sole team with Black-majority ownership.
The value of Jordan's stake came to about $3 billion, according to a report on ESPN.com that cited league sources.
Often considered the greatest ever basketball players, Jordan led teams to six NBA titles, won the league's most valuable player award five times and garnered two Olympic Gold Medals. He played his last game professionally in 2003.
The origin of Jordan's lucrative partnership with Nike was chronicled earlier this year in the film "Air," which was directed by Ben Affleck.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
