It took three months to finally negotiate: take over the Hornets team or Hawks shareholder Jordan cashed out more than 1 billion

On the evening of June 16, Beijing time, ESPN Woshen reported that Michael Jordan was finalizing the sale of the Hornets to the group led by Gabe Plotkin and Rick Schnarr, resulting in Jordan's 13-year career as a boss.

According to Walshen, Jordan's tenure will begin on July 1 in free market, when he will retain only a handful of shares and franchises, and the Hornets will be fully run by the team of Gabe Plotkin and Rick Schnarr, who will sign a share transfer agreement in the coming days.

Jordan became Bobcats' small owner in 2006, and four years later he paid $275 million to become the team's controlling shareholder and big owner franchise. Although the purchase price of Gabe Plotkin and Rick Schnarr is not known, the current market value of the Hornets is as high as $1.7 billion, and Jordan can cash out at least 1 billion in cash, which is not a loss.

In fact, on March 17 this year, Jordan talked to Gabe Plotkin and Rick Schnarr about selling the Hornets, and the details of the equity transfer were finally completed after three months of negotiations.

So who are Gabe Plotkin and Rick Schnarr? Gabe Plotkin was the world's largest fund hedge manager by revenue in 2017, worth $300 million, and his fund hedge firm, Melvin Capital Management, manages $3.5 billion in assets.

Rick Schnar, president of an American private equity firm, spent $850 million in 2015 with Grant Hill, Sarah Blackley, Jesse Itzler, Steven Price, Tony Reisler and others to become a shareholder in the Atlanta Hawks. In other words, the team has Eagles equity in addition to the Hornets.

Text/Yan Xiaobai's basketball dream