Michael Jordan sells minority stake of Hornets to two new partners

Basketball legend and Charlotte Hornets owner Michael Jordan will be selling minority stake of the NBA franchise to two new partners, local media reported on Sunday.

Michael Jordan speaks to young basketball players as he is in Milan to promote a new clothing line on October 24, 2006. [Photo: AFP]

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.

Jordan, a six-time NBA champion, purchased the team in 2010 and will remain the majority owner.

"I'm excited to welcome Gabe and Dan as my partners," said Jordan in a statement. "While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team's NBA Governor, 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. They share my commitment to Charlotte and the Carolinas, and I look forward to working with and learning from them," he added.