Latham & Watkins Advises on Purchase of Majority Stake in Charlotte Hornets

Hornets Sports & Entertainment has announced that the sale of the majority stake in the Charlotte Hornets from Michael Jordan to a group led by Gabe Plotkin and Rick Schnall has been finalized. The sale, which has been approved by the NBA Board of Governors, immediately gives Plotkin and Schnall the controlling interest in the franchise.

In addition to Plotkin and Schnall, the new ownership group also includes Chris Shumway, Dan Sundheim, Ian Loring, Andrew Schwartzberg, Blue Owl HomeCourt Partners, North Carolina natives recording artist J. Cole and country music singer-songwriter Eric Church, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills, among others.

Latham & Watkins LLP advised Blue Owl HomeCourt Partners in the transaction with a corporate deal team led by Century City partner Adam Sullins, New York partner Stelios Saffos, and Century City counsel Mike Montgomery, with associates Todd Noelle and Omeed Anvar. Advice was also provided on tax matters by New York partner Jocelyn Noll.