Michael Jordan, a Chicago Bulls legend and arguably the greatest player of all time, is expected to sell most of his stake in the Charlotte Hornets. He will sell the team to an ownership group led by Rick Schnall and Gabe Plotkin.
ESPN’s Adrian Wojnarowski had the following to report on the deal:
“No deal is imminent, but there’s significant momentum on a sale that would eventually install Plotkin and Schnall as the co-governors of the Hornets, sources said. If sale is completed, Jordan would be expected to keep a minority stake in team.”
While the deal isn’t done yet, it seems likely that Rick Schnall and Gabe Plotkin are expected to take over in the near future. Rick Schnall is a partner in Clayton, Dubilier & Rice, an investment company worth more than $526 million. The firm represents multiple industries.
He’s been at Clayton, Dubilier & Rice for 27 years and is a member of the investment and executive committee. He leads the firm’s financial services and technology verticals, according to Dubilier & Rice’s official website.
Before his time at Dubilier & Rice, Rick Schnall held positions at Smith Barney & Co. and Donaldson, Lufkin & Jenrette.
Schnall was born in 1970. He attended the University of Pennsylvania for his bachelor’s degree and completed his MBA at Harvard Business School.
In 2015, Schnall was part of a group that purchased the Atlanta Hawks for $850 million. The group includes Tony Ressler, Grant Hill, Sarah Blakely, Jesse Itzler and Steven Price.
Schnall lives in New York City.
He will be the owner of the Hornets as they look to figure this thing out. The past few seasons have been a disappointment, and they’re hopeful that it will change in the near future.