Michael Jordan's sale of a majority stake in the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin has been finalized, it was announced Thursday.
"I'm thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick," Jordan said in a statement issued Thursday. "I know the Hornets organization is in great hands moving forward. I'm excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead."
Jordan, whose run as majority owner ends after 13 years, will continue to hold a minority stake in the team. The purchase was made at an approximate $3 billion valuation; Jordan paid $275 million for a majority stake in the franchise in 2010.
The Hornets' new ownership group also includes Chris Shumway; Dan Sundheim; Ian Loring; Andrew Schwartzberg; Dyal HomeCourt Partners; recording artist J. Cole and country music singer-songwriter Eric Church, who are both from North Carolina; and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.