The Charlotte Hornets’ majority stake has changed hands, passing from Michael Jordan to Rick Schnall and Gabe Plotkin.
Schnall, in collaboration with Plotkin, orchestrated a triumphant acquisition of the Charlotte Hornets, acquiring a majority share with a startling $3 billion investment.
Basketball legend Michael Jordan sold his majority stake in the Hornets but will retain a minority share. He bought the majority in 2010 for $275 million.
Plotkin held a minority share till he became a major shareholder with Schnall.
The Hornets sale is expected to rev up the NBA. Schnall and Plotkin are ready to give the Hornets new life as team governors and spokesmen. A unique arrangement is on the cards with the new majority owners set to rotate as Hornets governors every five years. Schnall will be the governor initially. Plotkin will assume the position after five years.
With the legendary James Dolan of the New York Knicks being the lone dissenter, the acquisition received a resounding 29-1 approval from other NBA owners.
Who is Rick Schnall?
Rick Schnall is in the spotlight as one of the Hornets’ principal co-owners.
Rick Schnall is a businessman worth at least $5 million, reports sportskeeda. However, that number seems short given his business empire and investments, it says. His net worth should now dramatically increase as an owner of an NBA franchise, sportskeeda adds.
A successful entrepreneur, he is co-president of Clayton, Dubilier & Rice, a renowned private equity powerhouse based in New York. He has been with the company for 27 years. A constellation of clients is served by the company, which has a valuation that exceeds $526 million. In charge of the tech, healthcare, and financial services sectors, Schnall conducts business of high value and lavish profitability.
Schnall was a minority owner of the Atlanta Hawks. He sold his Hawks shares to buy the Hornets. Experienced in real estate and construction, he was involved in refurbishing Atlanta’s State Farm Arena, home of the Hawks.
In his new capacity, he is expected to effectively manage player development while utilising the Hornets’ extensive NBA knowledge.
Schnall brings impressive academic credentials to the game. He attended two top Ivy League colleges. A University of Pennsylvania alumnus, he also possesses a degree from Harvard Business School.
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