Michael Jordan completes sale of majority stake in Charlotte Hornets for $3 billion. What do we know?
After more than a decade as majority owner of the franchise, the man considered to be the greatest player in NBA history has sold his majority stake.
It’s been 13 years since Michael Jordan became the majority owner of the Charlotte Hornets, and while his time at the head of the franchise didn’t exactly set the world alight, the six-time NBA champion can feel proud of what he achieved as he makes way for new ownership.
The Charlotte Hornets have new owners
According to an official team press release on Thursday, the Charlotte Hornets now have new owners after the sale of the majority stake in the franchise to an investment group led by Gabe Plotkin and Rick Schnall was completed. It is understood that the team was sold for an approximate valuation of $3 billion. Interestingly the vote among NBA owners ended at 29-1, with New York Knicks owner, James Dolan, being the only one who was not in favor. For a look at the complete press release, take a look below:
“The opportunity to be the majority owner of the Charlotte Hornets in my home state of North Carolina for the last 13 years has been a tremendous honor,” said Jordan. “I’m proud of all that the organization accomplished: the exciting on-court moments, the return of the Hornets name, Charlotte hosting the 2019 NBA All-Star Game and HSE becoming a true pillar of this community. Through the years, the unwavering commitment, passion and loyalty of our Hornets fans has been incredible. As I transition into a minority ownership role, I’m thrilled to be able to pass the reins to two successful, innovative, and strategic leaders in Gabe and Rick. I know the Hornets organization is in great hands moving forward. I’m excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead.”
What have the Hornets’ new owners said?
Speaking with the media after news of the sale’s finalization went public, Plotkin and Schnall acknowledged Michael Jordan himself for agreeing to the transaction, while also referencing Jordan’s work in Charlotte’s wider community. “We want to thank Michael for this opportunity, as well as his support throughout this process. During his ownership, he brought stability to the Hornets franchise, achieved many business milestones, reconnected and reinvested in the Charlotte community and has the organization positioned for greater success. We look forward to building upon this success in the years to come.”
Jordan of course purchased the franchise in 2010, when it was still known as the Charlotte Bobcats, for a price of $275 million. With the purchase, Jordan became the league’s lone Black majority owner and by far the best former player to ever own a team. It’s worth noting that Jordan will continue to maintain a minority ownership stake after the sale is completed. As for the two new owners, both men are no strangers to the business with Schnall previously owning a minority stake in the Atlanta Hawks, while Plotkin as actually been a minority owner in the Hornets since 2019. They are now set to become the team’s governors. Incidentally, the group also includes two high-profile recording artists who are based in Charlotte: J. Cole and Eric Church.
Was Michael Jordan a good owner?
Though we can point to various off-court achievements, the reality is Jordan’s time as majority owner was not good. Across the 13 seasons that he held the reins, the Hornets posted a record of 423-600, made three playoff appearances, and didn’t manage to win a series in a single one of them. If you’d like some perspective, consider for a moment that during the lockout-shortened 2011-12 season, the then-Bobcats posted a record of 7-59. Yes, that’s the worst ever seen in NBA history. Where last season is concerned, the Hornets went 27-55, which saw them finish with the fourth-worst record in the league. The one bright spot in recent times was that they secured the No. 2 overall pick in the 2023 NBA Draft in the form of Alabama’s Brandon Miller. That’s to say, that if he can combine well with the star they already have in LaMelo Ball, it could just be that the Hornets are about to turn a corner under new ownership. As we always say, ‘watch this space.’