Charlotte Hornets sale has been approved / News - Basketnews.com

NBA owners approved the Charlotte Hornets sale to a group led by Rick Schnall and Gabe Plotkin, with the purchase worth around $3 billion.

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The final step in the Charlotte Hornets sale has been completed as the NBA's board of governors approved the team sale to a group led by Rick Schnall and Gabe Plotkin, according to Adrian Wojnarowski from ESPN.

The vote was 29-1 to approve the sale -- withNew York Knicks owner James Dolan registering the lone vote against it, according to Wojnarowski.

Wojnarowski adds that Schnall and Plotkin bought the Hornets for around $3 billion. For comparison, Jordan paid $275 million for a majority stake in the team in 2010.

Jordanagreedto sell the team on June 16. However, when an NBA owner decides to sell it first must be approved by the league's Board of Governors.

Plotkin has been a minority stakeholder with the Hornets since 2019, while Schnall has been a minority owner of the Atlanta Hawks since 2015. He has been forced to sell his investment in that team.

As an owner, Jordan never came close to matching his success as a player, where he won six NBA titles with the Chicago Bulls while becoming one of the game’s greatest players ever.

Charlotte went 423-600 under Jordan, the 26th-best record over that span.

The Hornets never won a playoff series in that time and haven't been to the postseason in the past seven seasons.

The owner members of the Hornets new ownership group include artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.

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