This New Year - Support JNS
Make our headlines count.
update deskU.S. News

Michael Jordan to sell majority Hornets stake to Jewish-led investor group

Gabe Plotkin was previously a Hornets minority owner, and Rick Schnall is an Atlanta Hawks minority owner.

Michael Jordan on a golf course in 2007. Photo by shgmom56/Wikipedia.
Michael Jordan on a golf course in 2007. Photo by shgmom56/Wikipedia.

The Charlotte Hornets announced recently that Michael Jordan will sell his majority stake in the team to a group led by Gabe Plotkin and Rick Schnall. The latter two are Jewish and are generally referred to as millionaires, although Sports Illustrated reported they are billionaires. 

The sale is said to be worth about $3 billion. Jordan reportedly bought the team for $275 million in 2010. “Further proof that sports ownership is just about the best investment there is,” wrote Axios.

Plotkin founded Melvin Capital, which closed last year, worth about $8 billion. He was a minority owner of the Hornets. (Chabad has honored him and he worked with the Young Jewish Professionals networking group, Arutz Sheva reported.)

Schnall, a minority owner of the Atlanta Hawks, is co-president of a private equity firm. Several other Jews are involved at high levels in the Hawks organization.

This New Year - Support JNS

JNS is fighting back against the media bias against Israel – with the context, perspectives, and facts that tell the real story. This New Year, please help us keep fighting.

Support JNS
Topics
Never miss a thing
Get the best stories faster with JNS breaking news updates