NBA legend Michael Jordan is reportedly close selling the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, find out more details about the duo below and their net worth
Reports indicate that an agreement is close to being signed very soon, which will see the end of Jordan’s 13-year reign as majority owner.
Who are Gabe Plotkin and Rick Schnall duo set to buy Charlotte Hornets and their net worth in 2023
Michael Jordan is selling his majority stake in the Charlotte Hornets to the Gabe Plotkin/Rick Schnall group for an approximate $3 billion valuation, league sources tell ESPN. pic.twitter.com/zDuhsg8mDE
— Adrian Wojnarowski (@wojespn) June 16, 2023
BREAKING: Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday. pic.twitter.com/5TonSrIQhF
— Adrian Wojnarowski (@wojespn) June 16, 2023
Despite the new agreement, Jordan will continue to manage basketball operations up until the NBA draft on Thursday and until the opening of free agency on July 1.
Once the NBA completes the review and approval process, Plotkin and Schnall will take over as the franchise’s new governors.
Gabe Plotkin brief bio and other details
Gabriel Plotkin is an American hedge fund manager who founded and runs a hedge fund company named Melvin Capital Management. The company is currently valued at a whopping $3.5 billion. Plotkin established Melvin Capital in 2014.
Prior to the that, Plotkin was one of the most well-known traders at SAC Capital, a hedge fund run by Steve Cohen. Plotkin primarily trades consumer equities and back in 2017, Melvin Capital had impressive net returns of 41%. Plotkin is also a minority owner of the Charlotte Hornets and has a staggering net worth of over $400 million.
Rick Schnall brief bio and other details
Rick Schnall is an American businessman and co-president of private equity firm Clayton, Dubilier & Rice. He was born in 1970 and is currently 53 years old. He earned his undergraduate degree from the University of Pennsylvania and later got his MBA from Harvard Business School. Rick is currently a resident of New York City.
Schnall is a minority owner of the Atlanta Hawks and was a member of the group that paid $850 million for the Atlanta Hawks back in 2015. Other members of the group include Tony Ressler, Grant Hill, Sarah Blakely, Jesse Itzler, and Steven Price.
Besides being the co-president, Rick Schnall is also a partner at the Clayton, Dubilier & Rice investment firm worth over $526 million. Rick oversees the financial services and technology divisions of the company, which speaks for various industries.
He has spent around 27 years working for Clayton, Dubilier & Rice and also serves as a member of the executive and investment committees. Prior to working there, Rick Schnall worked for Smith Barney & Co. and Donaldson, Lufkin & Jenrette.