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.
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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
Alcaraz swats aside Walton as career Grand Slam bid begins in Melbourne
- The 22-year-old Spaniard can eclipse Don Budge and become the youngest man to win all four major singles titles at least once
MELBOURNE: Carlos Alcaraz kicked off his latest bid for a career Grand Slam by dismantling unseeded Australian Adam Walton 6-3 7-6(2) 6-2 in the first round of the Australian Open on Sunday, as the world number one showcased the power and precision befitting a player chasing history.
The 22-year-old Spaniard, who can eclipse Don Budge and become the youngest man to win all four major singles titles at least once, gave a packed Rod Laver Arena an exhibition in shot-making that had fans either glued to their seats or rising in ovation.
“I’m really happy to step on to the court for the first time this season. I think it couldn’t be better than here at Rod Laver Arena. It was a good match, I felt great,” Alcaraz said.
“Adam (showed) a great level in the match so I had to stay there. Overall, I’m happy with the level I played at today.
“It was difficult to find good spots (against him) ... he was always in a good position, long rallies and solid from the baseline. His flat ball was sometimes really difficult for me.
“It was a really solid match and when he was able to step in on the court and play aggressive, he did, and that made it really difficult in the match.”
A ferocious forehand helped Alcaraz to grab the first break for a 5-3 lead and the six-times Grand Slam champion closed out the opening set on his retooled serve, which now bears more than a passing resemblance to the delivery of Novak Djokovic.
That technical tweak followed Alcaraz’s abrupt split last month with long-time coach Juan Carlos Ferrero, whose steadying influence was missing when the Spaniard was dragged into a second-set tiebreak after a spell of loose, crowd-pleasing tennis.
A ruthless Alcaraz came out all guns blazing to double his advantage in the clash and then rode the momentum to ease through the third set, booking a second-round meeting with Germany’s Yannick Hanfmann.
The 22-year-old Spaniard, who can eclipse Don Budge and become the youngest man to win all four major singles titles at least once, gave a packed Rod Laver Arena an exhibition in shot-making that had fans either glued to their seats or rising in ovation.
“I’m really happy to step on to the court for the first time this season. I think it couldn’t be better than here at Rod Laver Arena. It was a good match, I felt great,” Alcaraz said.
“Adam (showed) a great level in the match so I had to stay there. Overall, I’m happy with the level I played at today.
“It was difficult to find good spots (against him) ... he was always in a good position, long rallies and solid from the baseline. His flat ball was sometimes really difficult for me.
“It was a really solid match and when he was able to step in on the court and play aggressive, he did, and that made it really difficult in the match.”
A ferocious forehand helped Alcaraz to grab the first break for a 5-3 lead and the six-times Grand Slam champion closed out the opening set on his retooled serve, which now bears more than a passing resemblance to the delivery of Novak Djokovic.
That technical tweak followed Alcaraz’s abrupt split last month with long-time coach Juan Carlos Ferrero, whose steadying influence was missing when the Spaniard was dragged into a second-set tiebreak after a spell of loose, crowd-pleasing tennis.
A ruthless Alcaraz came out all guns blazing to double his advantage in the clash and then rode the momentum to ease through the third set, booking a second-round meeting with Germany’s Yannick Hanfmann.
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