The NBA has given Gabe Plotkin and Rick Schnall permission to buy the Charlotte Hornets, ending Michael Jordan’s 13-year ownership in an exhilarating move.

While rapper J. Cole and other well-known North Carolina personalities join as fervent minority owners, Plotkin and Schnall will serve as the team’s governors. A new chapter in the Hornets’ history that will see the fusion of basketball and hip-hop is about to begin.

With only James Dolan of the New York Knicks voting against the historic NBA transaction, Plotkin’s consortium secured the Charlotte Hornets for a staggering $3 billion.

Michael Jordan’s legendary era as the only African-American majority owner of a club in the NBA, which he acquired in 2010 for just $275 million, will end with this historic deal. As the formal handover nears, anticipation is high as a new era for the Hornets under Plotkin’s inspiring leadership begins.

Who has taken over as the Charlotte Hornets’ majority owner?

  1. Melvin Capital’s mastermind is Gabe Plotkin. He controls and runs the hedge fund, which as of April 2022, was in charge of an astonishing $7.8 billion in assets, and has a net worth of over $400 million.
  2. Melvin Capital, by Gabe Plotkin, is revealed: Plotkin, a financial whiz with an estimated $400 million fortune, is the owner and chief investment officer and will have managed an astounding $7.8 billion in assets by April 2022.

In an unexpected turn of events, the renowned private equity firm, which formerly oversaw a portion of Michael Jordan’s riches, is liquidating its assets and refunding customers’ money.

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Gabriel Plotkin, the company’s founder, has purchased the majority ownership of the Charlotte Hornets and is refocusing on NBA ownership.

As Plotkin enters the fascinating world of professional basketball, co-president Rick Schnall of Clayton, Dubilier & Rice in New York gives up his ownership interest in the Atlanta Hawks.

There will be exciting times when these two savvy businessmen establish themselves in the NBA.

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