Gabe Plotkin’s Next Act

The one-time hotshot hedgie, along with a group that includes two other hedge fund managers, is purchasing a majority stake in the NBA’s Charlotte Hornets.

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Gabe Plotkin (Alex Flynn/Bloomberg)

Gabe Plotkin is back.

No, the onetime head of now-defunct Melvin Capital Management isn’t launching a new hedge fund.

This time around, Plotkin and Rich Schnall, co-president of Clayton, Dubilier & Rice, are leading a group that has agreed to buy Michael Jordan’s majority stake in the Charlotte Hornets professional basketball team.

The

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