The NBA’s Charlotte Hornets will be acquired by a consortium led by Jewish businessmen Gabe Plotkin and Rick Schnall for an estimated $3 billion, according to basketball star Michael Jordan.
Plotkin, whose estimated net worth is $400 million, founded the investment management company Melvin Capital, which he named after his grandpa and which, until announcing its closure last year, had an estimated market value of $8 billion.
In 2021, the company took part in the GameStop short squeeze, which cost Plotkin’s and other companies billions of dollars.
Plotkin said during his hearing before the House Financial Services Committee that he got antisemitic remarks from Reddit forum users who were trying to salvage the video game retailer by purchasing stock.
Plotkin formerly worked with the Young Jewish Professionals networking organization and has received recognition from the Chabad-Lubavitch movement.
In addition to holding the position of alternative governor on the NBA Board of Governors, Plotkin recently purchased a small ownership stake in the Charlotte Hornets.
Jordan will keep a small ownership interest in the team as part of the agreement.
At the moment, Schnall, a co-president at a private equity company, is a part-owner of the Atlanta Hawks.
He is in the process of selling his shares in the Hawks and has served as an alternative governor on the NBA Board of Governors.
A few months prior to the transaction, two other prominent Jewish businessmen bought professional sports franchises: Josh Harris is buying the NFL’s Washington Commanders from beleaguered Jewish owner Dan Snyder, and billionaire Mat Ishbia purchased the NBA and WNBA clubs in Phoenix.
For $275 million, Jordan, who is regarded as the greatest basketball player in history, bought the Hornets in 2010. He was the only majority-black owner in the league.
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