Michael Jordan Announces Sale of Majority Ownership in Charlotte Hornets

Michael Jordan, the legendary basketball player, is in the process of selling the majority share of the Charlotte Hornets, the NBA franchise has announced. The team will be sold to a group led by Gabe Plotkin and Rick Schnall, with Plotkin already holding a minority stake in the Hornets since 2019.

Schnall, on the other hand, has been a minority owner of the Atlanta Hawks since 2015 and is currently selling his investment in that team.

The timeline for the completion of the sale and its approval by the NBA’s Board of Governors is yet to be determined.

However, it has been stated that Jordan intends to retain a minority stake in the Hornets, the team he acquired in 2010 for approximately $275 million.

This decision by Jordan marks the end of his 13-year tenure overseeing the organization, which unfortunately did not see significant success during his ownership.

The Hornets’ performance under his leadership was below expectations, with a win-loss record of 423-600 and no playoff series victories. In recent years, the team has also struggled to secure a postseason spot.

NBA Commissioner Adam Silver addressed Jordan’s sale and emphasized the importance of diversity in ownership groups during a news conference.

He acknowledged that while it is wonderful to have a figure like Michael Jordan as a principal governor, Jordan also has the right to sell the team.

Silver expressed his desire for better representation among principal governors and acknowledged that the market plays a significant role in individual team transactions.

The sale price of the Hornets has not been disclosed officially, but sources cited by ESPN estimate the franchise’s value at $3 billion.

The most recent NBA team sale occurred in December when the Phoenix Suns were purchased for $4 billion.

Jordan has not made any comments regarding the sale, as conveyed by his spokesperson, Estee Portnoy. Despite his tremendous success on the court, winning multiple championships and being regarded as one of the greatest players of all time, Jordan’s ownership of the Hornets did not translate into on-court success for the team.

The potential new ownership group for the Hornets includes individuals such as recording artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway, and various local Charlotte investors.

The ownership group will also oversee the NBA G League’s Greensboro Swarm, the NBA 2K League’s Hornets Venom GT, and the management of the Spectrum Center, all of which are part of the sale.

As the Hornets undergo this ownership transition, they will be focusing on rebuilding and improving their team.

With players like LaMelo Ball, Terry Rozier, Gordon Hayward, P.J. Washington, and promising rookie Mark Williams, the team has a foundation to build upon. However, Jordan faced criticism as an owner for not investing enough in free agency to make the Hornets competitive.
Jordan’s acquisition of majority ownership in the Hornets created significant buzz, but the team’s struggles and lack of success led to his decision to sell.

In 2020, he sold a minority stake to Plotkin and Sundheim, indicating his intentions to step away from NBA ownership.

Although the Hornets face challenges ahead, including the upcoming NBA draft where they hold the second pick, fans remain hopeful for a brighter future under new ownership.

The team aims to break its playoff drought and ultimately contend for an NBA championship, a feat it has not achieved since the 2001-2002 season.