NEW YORK, NY - MARCH 28: New York Knicks owner James Dolan reacts as he watches an NBA basketball game against the Toronto Raptors from his front row seat on March 28, 2019 at Madison Square Garden Center in New York City. Raptors won 117-92. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty License agreement. Mandatory Copyright Notice (Photo by Paul Bereswill/Getty Images)Paul Bereswill/Getty Images

Knicks' James Dolan Was Only Dissenting Vote Against Michael Jordan's Hornets' Sale

Julia StumbaughJul 23, 2023

The New York Knicks' James Dolan was the only NBA owner to vote against the sale of the Charlotte Hornets, ESPN's Adrian Wojnarowski reported.

The NBA's board of governors approved the sale of the Hornets by a 29-1 vote. The team's majority ownership is now expected to transfer from Michael Jordan to a group led by Rick Schnall and Gabe Plotkin "in the next one to two weeks," per Wojnarowski.

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The reasoning behind Dolan's vote against was not immediately clear, but the Hornets' new ownership comes with a history of financial controversy.

Plotkin is being portrayed by Seth Rogen in the upcoming movie "Dumb Money" because of his role in a short squeeze of GameStop stock in January 2021 which led to enormous losses for hedge funds.

The SEC launched an investigation into Plotkin's firm in last year regarding the potential misleading of investors by during that incident.

Despite Dolan's opposition, the sale of the Hornets to Plotkin and Schnall will move forward.

The Hornets first announced on June 16 Jordan's plans to sell his majority stake while retaining a minority share in the team. The NBA no longer has any Black majority ownership.

Jordan purchased the Hornets in 2010 for about $275 million and sold it for an approximate valuation of $3 billion. In that time span, the Hornets have made three postseason appearances and never advanced past the first round.