NEW YORK: Basketball legend Michael Jordan has agreed to sell his majority stake in the NBA’s Charlotte Hornets to an investment consortium, the team announced Friday.
The buyer group is led by Gabe Plotkin, chief investment officer at Tallwoods Capital LLC and Rick Schnall, co-president of private equity firm Clayton, Dubilier & Rice.
The group also includes musicians J. Cole and Eric Church, said a press release from Hornets Sports & Entertainment that did not disclose financial terms.
Jordan will retain a minority stake in the franchise, the team said. The transaction is subject to approval of the National Basketball Association.
Jordan acquired a controlling investment in the Hornets in 2010 for $275 million. The franchise has been the league’s sole team with Black-majority ownership.
The value of Jordan’s stake came to about $3 billion, according to a report on ESPN.com that cited league sources.
Often considered the greatest ever basketball player, Jordan led teams to six NBA titles, won the league’s most valuable player award five times and garnered two Olympic Gold Medals. He played his last game professionally in 2003.
However, Jordan’s tenure as the only Black owner of an NBA team has been less successful.
During his 13-year reign, Charlotte reached the playoffs just three times, losing in the first round on all three occasions.
Last season, Charlotte finished one place off the bottom of the Eastern Conference with 27 wins and 55 defeats.
The origin of Jordan’s lucrative partnership with Nike was chronicled earlier this year in the film “Air,” which was directed by Ben Affleck.
Michael Jordan to sell majority stake in NBA’s Charlotte Hornets: team
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Michael Jordan to sell majority stake in NBA’s Charlotte Hornets: team
- Jordan will retain a minority stake in the franchise, the team said
- The transaction is subject to approval of the NBA
Scotland Yard returns to action as JSCA Cup headlines weekend racing in Riyadh
RIYADH: Scotland Yard, winner of the 2025 Tuwaiq Cup, is set to make his seasonal debut when he tops a field of six runners for the Group 3 JSCA Cup at King Abdulaziz Racecourse on Saturday.
The SR165,000 ($44,000) feature over 1,800 meters marks the return of the Nicolas Bachalard-trained six-year-old, who enjoyed a highly successful campaign last season. Ridden once again by champion jockey Adel Al-Fouraidi, the US-bred gelding won three of his four starts, highlighted by a dominant near six-length victory on Saudi Cup weekend.
Scotland Yard faces a competitive lineup, led by the Red Stable’s Wait To Excel, runner-up in recent domestic company and eighth in the Saudi Cup. The White Stable of King Abdullah bin Abdulaziz is represented by Electability, while Thamer Al-Daihani saddles Man Of The Night, with Ricardo Ferreira taking the ride.
Saturday’s supporting card features the SR150,000 Saeed Al-Majed Cup over 2,000 meters, where Lucas Gaitan’s Saudi Derby winner Al-Waqqad makes his third start of the season under Alexis Moreno. The four-year-old finished well back behind Scotland Yard in the Tuwaiq Cup last February but showed improved form when third behind Thundersquall and Wait To Excel in an open contest last month.
A large field of 15 has been declared for the SR130,000 Rashed bin A. Al-Zenaidy Award for three-year-olds over 1,200 meters. Attention is likely to focus on last season’s Sarawat Cup winner Karimi and Kawafill, who bids for a hat-trick after recent victories in Taif and Riyadh.
Friday’s action is headlined by the SR150,000 Ministry of Education Cup for juveniles over 1,400 meters, attracting 19 runners. The Red Stable fields Ela Al-Amam and Nayaad, with Ferreira aboard Ela Al-Amam, who remains unbeaten after two starts. The White Stable counters with Ma’aha Allah, twice runner-up from two appearances, and Taif debut winner Nasrak Allah.
The Friday card also includes three competitive turf races, beginning with a 1,200-meter open featuring Red Stable runner Zefzaf against French import Cacofonix. Zefzaf enjoyed a breakout season last year, winning three times and finishing second in the Turf Sprint Qualifier, and now takes on Cacofonix, a former European Listed winner recently acquired by the White Stable.
Cacofonix, a three-time winner from nine starts, was last seen finishing sixth in Group 3 company in August and changed hands for €460,000 ($543,000) in October. Later on the card, Maylan — who defeated Zefzaf in the Turf Sprint Qualifier — heads a full field in the 1,351-meter open, before attention turns to the 2,100-meter contest featuring Bolide Porto. The White Stable runner finished third on his recent return and previously held his own in the upgraded Group 1 Howden Neom Turf Cup.
Racing at King Abdulaziz Racecourse continues to gather momentum as the domestic season builds toward its marquee events.
