Charlotte Hornets investors on Wall Street cold streak may sell NBA stakes

CHARLOTTE — Two well-known Wall Street investors with minority interests in the Charlotte Hornets are willing to sell some or all their shares in the NBA franchise, according to a report by New York-based SNY.

The investors, Gabe Plotkin and Daniel Sundheimbought into the Hornets in 2019. Hornets Chairman Michael Jordan became majority owner of the team in 2010, when he paid $175 million to buy out Robert Johnson.

A Hornets spokesman declined comment on the SNY report and said that it is team policy not to comment on any potential transactions by minority investors.

If they sell, it will “make no difference to the organization,” sports business consultant Marc Ganis told CBJ. “They haven’t been (very) involved.”

Their investment and ownership stake have not been disclosed. Ganis noted that any change in investors must be approved by the NBA. Depending on the agreement, majority owners can require sign-off before a minority investor sells.

Read the full story from the Charlotte Business Journal here.

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