Rick Schnall Sold Atlanta Hawks Stake Before Hornets Takeover

Rick Schnall sold his minority stake in the NBA’s Atlanta Hawks last summer in order to buy a stake in the Charlotte Hornets,according to people with knowledge of the matter.

The sale was to a group of investors including some existing Hawks owners, said one of the people, all of whom requested anonymity discussing confidential information. Schnall was a key member, along with Gabe Plotkin, of the consortium that purchased a controlling stake in the Charlotte Hornets, a deal that was announced in June.

Antony Ressler and Rick Schnall talk before a game between the Atlanta Hawks and the Philadelphia 76ers at Wells Fargo Center in Philadelphia, Pennsylvania.

Photographer: David Dow/NBAE/Getty Images

A spokesman for private equity firm Clayton Dubilier & Rice, of ...