Michael Jordan sells minority stake in Hornets Sports & Entertainment
Gabe Plotkin, Daniel Sundheim set to join HSE as partners
Michael Jordan, who gradually assumed near-total control of Hornets Sports & Entertainment since purchasing the team in 2010, will be adding a pair of partners in the near future.
The team announced Saturday evening that Gabe Plotkin, Founder and Chief Investment Officer, Melvin Capital, and Daniel Sundheim, Founder and Chief Investment Officer of D1 Capital, will join HSE in a transaction subject to NBA approval. The organization oversees the Charlotte Hornets as well as the Spectrum Center.
“I’m excited to welcome Gabe and Dan as my partners in Hornets Sports & Entertainment,” said Jordan in a statement. “While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team’s NBA Governor, Gabe and Dan’s investment in the franchise is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA. Both Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for the game of basketball. They share my commitment to Charlotte and the Carolinas, and I look forward to working with and learning from them.”
The news, first reported by Rick Bonnell of the Charlotte Observer, indicates a substantial investment in the franchise, though by all accounts Jordan intends to retain control of the team. Bonnell reported that Jordan was “attracted to adding investors with deep resources who might offer new ideas regarding technology advances.”
— Rick Bonnell (@rick_bonnell) September 14, 2019
While the original version of the Hornets joined the NBA in 1988, that inaugural outfit eventually departed for New Orleans in 2002. This current edition of the team manifested as the expansion Charlotte Bobcats in 2004, under BET founder Bob Johnson, before re-branding in 2014.