NASCAR’s 23XI Racing co-owner Michael Jordan reportedly selling Charlotte Hornets after 13 years as majority owner
23XI Racing owner Michael Jordan has reportedly agreed to sell his majority stake in the NBA team Charlotte Hornets. Jordan held the majority stake in the team for the last 13 years.
According to a report by ESPN, Michael Jordan will be selling his stake in the team, valued at $3 billion, to a group of investors led by Gabe Plotkin and Rick Schnall. Once the transaction is completed, Jordan will retain minority ownership in the team and continue his presence in the league as a team owner.
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Read the full release on hornets.com.
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Gabe Plotkin, the founder of Melvin Capital, already held a minority stake in the Hornets, which he bought from Jordan in 2020 along with Daniel Sundheim. The latter is also reported to be a part of the buyers' group in the latest deal.
Rick Schnall, co-president of private equity firm Clayton, Dubilier & Rice, previously bought a minority stake in the Atlanta Hawks in 2015.
Their takeover of the Hornets will be completed following an approval from the NBA Board of Governors.
Michael Jordan, a six-time NBA champion and Basketball Hall of Famer, bought a minority stake in the then-Charlotte Bobcats team in 2006. Jordan became the majority owner of the franchise in 2010 after spending $275 million. The team rebranded to Hornets three years after Jordan's takeover.
During Michael Jordan's 13-year stint as a team owner, the Hornets team made the playoffs three times. They haven't qualified for the playoffs since 2016, and finished 14th in the Eastern Conference last season, with a 27-55 win/loss record.
The Basketball Hall of Famer was the only Black majority team owner in the NBA until now.
Exploring Michael Jordan's stake in NASCAR's 23XI Racing team
NBA legend Michael Jordan has a majority stake the NASCAR Cup Series team 23XI Racing team. He co-owns the team with Cup Series driver Denny Hamlin, who has a minority stake.
With the growing craze for motor racing in America, Jordan wanted to invest in a racing team. He initially wanted to buy a stake in Richard Petty Motorsports (now Legacy Motor Club) but failed to strike a deal. Hamlin was also interested in buying the team at the same time and also failed to reach an agreement.
Sharing the same interest, Jordan and Hamlin decided to create a team in 2020 named 23XI Racing. The Chicago Bulls legend invested $150 million to become the majority owner, while Hamlin bought a minority stake in the team.
After making its debut in 2021, the team has grown into a race-winning organization. The team fields two Toyota Camrys in 2023, with Bubba Wallace in the #23 and Tyler Reddick in the #45 cars.