Michael Jordan sells majority Charlotte Hornets stake

[{"selector":"#anim-bf7edfd2-dcb6-47cf-a8c0-c08cde052ac9","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-255d1293-8818-4feb-9568-5b62a0d0cc7b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-3.6180595124827732%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] FT Editor Roula Khalaf picks her favorite stories for this weekly newsletter.

[{"selector":"#anim-06ee986d-7b6c-44fc-9851-f1dfffdff36d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3acc632e-3040-4deb-80c5-e11b19a589f0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-51.13636366382776%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] The Hornets announced Friday that Michael Jordan will sell his controlling share in the organization to hedge fund billionaire Gabe Plotkin and private equity heavyweight Rick Schnall.

[{"selector":"#anim-51d6aae5-39c8-4f93-91c4-af009d978931","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7223ca1e-c774-4fd0-ac99-8c691347c4f5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Two sources said the transaction, which requires NBA board of governors permission, values the team at $3bn.

[{"selector":"#anim-fb07fe89-c311-4c64-a082-1dcf91ca8474","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b0efaf8a-304f-4935-93d3-c7509e365bc3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The transaction shows how professional sports team valuations are rising due to better media rights deals and minority shareholder private capital investment.

[{"selector":"#anim-4be7fdb8-adf6-4c27-a6e6-4d9a5a4c3921","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5c854364-67a9-4f8f-b123-25fd1604dc39 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Plotkin, Schnall, Blue Owl's sports-focused investment fund Dyal HomeCourt Partners, and North Carolina rapper J Cole are among the new owners.

[{"selector":"#anim-f86e2f1a-a998-497f-95c9-0163ef5629ae","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ccfbbc6f-f9ae-462d-a761-ffd7971e24b0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] In 2014, former SAC Capital top trader Plotkin founded Melvin Capital, named after his grandfather.

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Michael Jordan sells majority Charlotte Hornets stake

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