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Michael Jordan To Divest Majority Stake In Charlotte Hornets

by Andrew Wright
4 comments
Charlotte Hornets ownership

Friday brought the announcement that Michael Jordan is on the verge of finalizing the sale of his majority share in the Charlotte Hornets, thereby leaving the NBA’s 30-team roster without any Black majority ownership.

The new ownership group will be led by Gabe Plotkin and Rick Schnall, according to the Hornets. Plotkin has held a minority share in the Hornets since 2019, while Schnall, a minority owner of the Atlanta Hawks since 2015, is in the process of divesting his stake in the Hawks.

The timeline for finalizing the sale by the NBA’s Board of Governors remains uncertain. However, Jordan intends to retain a minority stake in the Hornets, a franchise he purchased in 2010 for an estimated $275 million.

This decision by Jordan marks the end of a 13-year tenure that saw limited success for the team.

“While it’s inspiring that one of our legends, Michael Jordan, could become the principal governor of a team, he has the absolute right to divest at any time,” NBA Commissioner Adam Silver stated earlier this month at the NBA Finals. He noted that the team’s value has risen significantly since Jordan acquired it.

At the finals, Silver also highlighted the Board of Governors’ focus on fostering diversity among team owners.

The purchase price of the franchise was not immediately disclosed; however, sources cited by ESPN value it at around $3 billion. The most recent sale in the NBA was the Phoenix Suns, bought by Mat Ishbia and valued at $4 billion in December.

For all of Jordan’s greatness as a player — national champion at North Carolina, two-time Olympic gold medalist, six-time NBA champion — his tenure as owner did not bring the Hornets to a championship level.

The team scored a lackluster 423-600 over his 13 years in charge, ranking it 26th out of the 30-team league. The Hornets failed to secure a playoff series win during that time and have not even made the playoffs in the past seven seasons.

Potential members of the new Hornets ownership group — pending approval — include recording artist J. Cole, Dan Sundheim, Ian Loring, country music artist Eric Church, Chris Shumway, and several local Charlotte investors such as Amy Levine Dawson and Damian Mills.

The sale encompasses not just the Hornets but also the NBA G League’s Greensboro Swarm and NBA 2K League’s Hornets Venom GT, as well as management and operation of the Spectrum Center.

Jordan’s purchase of the Hornets in 2010 generated considerable excitement, given his North Carolina roots. However, the team’s persistent struggles under his leadership led him to consider divesting, as indicated by the sale of a minority stake to Plotkin and Sundheim in 2020.

Charlotte, with its most notable star being LaMelo Ball, had an injury-ridden 27-55 season and holds the No. 2 pick in the NBA draft. The team has a solid base to build upon with players like Terry Rozier, Gordon Hayward, P.J. Washington, and Mark Williams.

Despite these potential strengths, Jordan was often accused of not investing enough in free agency to bolster the Hornets’ competitiveness.

Jordan took charge of a team in 2010 that had won 44 games the previous year but was swept by the Orlando Magic in the first round.

After that, the team’s performance dwindled.

In its first year under Jordan’s control, Charlotte – still named the Bobcats at the time – managed a 34-48 season, followed by an NBA-low 7-59 record the next year. Despite this dismal performance, Charlotte missed out on the No. 1 pick in the NBA draft lottery and Anthony Davis.

In recent years, the Hornets have had only one winning season and have twice been eliminated early in the play-in tournament as the 10th seed.

The team hasn’t won a playoff series since the 2001-02 season and has yet to clinch an NBA championship.


AP NBA: https://bigbignews.net/nba and https://twitter.com/AP_Sports

Frequently Asked Questions (FAQs) about Charlotte Hornets ownership

What is the news about Michael Jordan and the Charlotte Hornets?

Michael Jordan is in the process of selling his majority ownership stake in the Charlotte Hornets. He will retain a minority stake in the team.

Who is leading the new ownership group?

The new ownership group is led by Gabe Plotkin and Rick Schnall. Gabe Plotkin has been a minority stakeholder in the Hornets since 2019, while Rick Schnall has been a minority owner of the Atlanta Hawks since 2015.

How long will the selling process take to be finalized?

The exact timeline for finalizing the sale by the NBA’s Board of Governors is currently uncertain.

Will there still be diversity in ownership groups in the NBA?

NBA Commissioner Adam Silver has expressed the importance of diversity in ownership groups. While Michael Jordan’s divestment reduces Black majority ownership in the league, the NBA remains committed to promoting diversity among team owners.

How much is the franchise being valued at?

The sale price of the Charlotte Hornets franchise has not been announced officially, but sources suggest a valuation of around $3 billion.

What has been the performance of the Charlotte Hornets under Michael Jordan’s ownership?

During Michael Jordan’s 13-year tenure as owner, the Charlotte Hornets struggled to achieve significant success. They had a record of 423-600, ranking 26th out of the 30 NBA teams. The team failed to win a playoff series in that time and has not made the playoffs in the last seven seasons.

Who are the potential members of the new ownership group?

Besides Gabe Plotkin and Rick Schnall, the potential members of the new ownership group include recording artist J. Cole, Dan Sundheim, Ian Loring, Eric Church, Chris Shumway, and several local Charlotte investors.

What is the future of the Charlotte Hornets?

The Charlotte Hornets recently had an injury-plagued season and hold the No. 2 pick in the NBA draft. They have some promising players like LaMelo Ball, Terry Rozier, and Gordon Hayward. The new ownership group will have the opportunity to shape the team’s future and build upon these foundational parts.

More about Charlotte Hornets ownership

  • ESPN – Provides news and updates on NBA, including the sale of the Charlotte Hornets.
  • NBA Official Website – The official website of the NBA, where you can find information about teams, players, and news.
  • AP NBA – Associated Press coverage of NBA news and events.
  • Twitter – AP Sports – Official Twitter account of AP Sports, offering sports news coverage including NBA updates.

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4 comments

HornetsFan4Life June 16, 2023 - 11:02 pm

man, i’m gonna miss michel jordon as the owner of the hornets. we nevr got to win a playoff series, but he’s a legend! hope the new owners can bring us some success! #MJ #HornetsNation

Reply
BasketballFan99 June 16, 2023 - 11:23 pm

omg!! so michel jordon is sellin his ownrship stake in charlott hornets?!?! but he stil keepin minority stake. hope dey get gud new owners who can turn tings around!! #NBA #GoHornets

Reply
NBAInsider22 June 17, 2023 - 10:44 am

the hornets are up for sale! michel jordon sellin majority stake. wonder how long itll take to finalize. cant wait to see who the new owners will be and what they’ll do with the team. #NBA #CharlotteHornets

Reply
SportsLover23 June 17, 2023 - 12:09 pm

im not surprisd michel jordon sellin the hornets. they nevr did much undr his ownrship. need sum1 new to bring sum changes! #NBA #CharlotteHornets

Reply

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