Michael Jordan selling majority stake of Charlotte Hornets
Michael Jordan is no longer the owner of the Charlotte Hornets. The NBA legend sold his majority stake in the franchise to an ownership group led by Gabe Plotkin and Rick Schnall for approximately $3 billion, according to ESPN NBA reporter Adrian Wojnarowski.
Michael Jordan is selling his majority stake in the Charlotte Hornets to the Gabe Plotkin/Rick Schnall group for an approximate $3 billion valuation, league sources tell ESPN. pic.twitter.com/zDuhsg8mDE
— Adrian Wojnarowski (@wojespn) June 16, 2023
Jordan’s sale of the Hornets ends his 13-year run with the team. In 2010, Jordan purchased his majority stake in the team for $275 million, which became quite the investment for Jordan.
Plotkin is already an established name in Charlotte as he purchased a small portion of the Hornets. Although, he will be in a much larger role now as one of the majority owners.
Schnall has experience in NBA ownership as well. In 2015, he became a minority owner of the Atlanta Hawks. Although, he is currently in the process of selling his portion of the Hawks.
During the transition, Jordan will remain the head of basketball operations throughout the 2023 NBA Draft and free agency. Jordan’s ownership did not yield many on-court results, but the team made playoffs three times. The Hornets were eliminated in the first round on all three occasions.
Jordan’s flagship moment as owner will be when he renamed the franchise. Jordan became the owner while the franchise was named the Charlotte Bobcats. Jordan played a massive role in bringing back the franchise’s original moniker, the Hornets.
According to the Charlotte Hornets press release, the new ownership group also features J. Cole, Eric Church, Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, Amy Levine Dawson, and Damian Mills.
The Hornets will now look to break through as a franchise with new leaders at the helm.
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