Michael Jordan’s Era as Majority Owner of the Charlotte Hornets Comes to an End
In a significant development for the NBA, Michael Jordan’s 13-year reign as majority owner of the Charlotte Hornets is set to conclude. The NBA’s board of governors has formally approved the sale of the franchise to a group led by Rick Schnall and Gabe Plotkin.
The highly-anticipated sale was overwhelmingly approved by a vote of 29-1, with New York Knicks owner James Dolan being the sole dissenting vote. This decision paves the way for the team, which is valued at an impressive $3 billion, to be officially handed over in the coming weeks.
Schnall and Plotkin, who were already minority owners of the Hornets, will now assume the positions of primary governors. Meanwhile, basketball legend Michael Jordan will retain a minority stake in the franchise, ensuring his continued involvement within the organization.
Jordan, widely regarded as the greatest player in NBA history, originally acquired a majority stake in the Hornets for $275 million back in 2010. Since then, he has played a pivotal role in shaping the team’s direction and standing within the league.
Notably, the sale of the Hornets represents a reunion for Schnall and Plotkin, who had previously acquired a significant minority stake in the franchise from Jordan himself in 2020. Both individuals are experienced in the sports industry, with Schnall being a co-president at Clayton, Dubilier & Rice private equity firm and Plotkin already having been involved in the purchase of the Atlanta Hawks in 2015.
As the Hornets head into a new era under new ownership, the team is looking to bounce back from a disappointing season, finishing with a record of 27-55. However, their draft selection of Alabama’s Brandon Miller as the No. 2 pick is fueling hope among fans and experts alike.
With the finalization of this sale imminent, fans of the Charlotte Hornets and NBA enthusiasts are eager to see how this change in ownership will impact the franchise moving forward. The combination of continuity through Jordan’s continued involvement and fresh ownership leadership provides an intriguing mix of experience and new perspectives for the team as they navigate future endeavors.
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