Michael Jordan says Hornets add 2 partners to ownership group

Michael Jordan says Hornets add 2 partners to ownership group

CHARLOTTE, N.C. — Michael Jordan is adding two partners to the Charlotte Hornets' ownership group.

Gabe Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital, have joined the Hornets as partners, pending NBA approval.

[Michael Jordan donates $1M to Bahamas for Hurricane Dorian relief]

Content Continues Below

Jordan, a six-time NBA champion, will remain the majority owner.

Jordan said in a statement released by the team Saturday that he'll continue "to run the Hornets, make all decisions related to the team and organization, and remain the team's NBA Governor."

Jordan says "Gabe and Dan's investment in the franchise is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA. Both Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for the game of basketball."

Experts said this is also a good business deal.

Last year, Forbes reported Jordan owned roughly 90% of the team

Experts said selling a part of that share will still make him money but offers other benefits.

"Fresh thinking, new ideas. How can they generate more revenue? How can they get closer to fans through technology?" said Erik Spanberg with the Charlotte Business Journal. "And then that just leaves that one big piece out there, can they start to win on the court? Which is, of course, a big piece of the formula you need to have."

>> Reading this story in our app? The new "Follow the Lead" feature allows you to tap the blue tag indicated with a '+' to subscribe to alerts on the very latest breaking news updates.