Michael Jordan is about to complete the sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, concluding his 13-year reign as majority owner.
According to reports, an agreement will likely be signed soon.
Once the NBA has completed its review and approval process, Schnall, a minority owner of the Atlanta Hawks, and Plotkin, a minority owner of the Charlotte Hornets, will take over as the franchise’s governors. Jordan will continue to manage basketball operations until the NBA draft on Thursday and the opening of free agency on July 1.
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Who are Gabe Plotkin and Rick Schnall?
Gabe Plotkin
Melvin Capital Management, a hedge fund company with $3.5 billion under management, is led by Gabriel Plotkin. In 2014, Plotkin established Melvin Capital. He had previously been one of the most well-known traders at SAC Capital, the hedge fund run by Steve Cohen. Melvin Capital had net returns of 41% in 2017 whereas Plotkin primarily trades consumer equities.
Rick Schnall
Rick Schnall is a partner at the $526 million investment firm Clayton, Dubilier & Rice. The company speaks for various industries.
He has spent 27 years working for Clayton, Dubilier & Rice and is a member of the executive and investment committees. According to the firm’s official website, he oversees its financial services and technology divisions.
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Rick Schnall formerly worked for Smith Barney & Co. and Donaldson, Lufkin & Jenrette before joining Dubilier & Rice.
In 1970, Schnall was born. He earned his undergraduate degree from the University of Pennsylvania and his MBA from Harvard Business School.
Schnall was a member of the group that paid $850 million for the Atlanta Hawks in 2015. Tony Ressler, Grant Hill, Sarah Blakely, Jesse Itzler, and Steven Price are in the group. Schnall is a resident of New York.
