Home » The End of an Era: Michael Jordan Sells His Share of the Charlotte Hornets for $3B
After a remarkable 13-year run as the majority owner of the Charlotte Hornets, NBA legend Michael Jordan is finalizing a deal to sell his majority stake in the franchise. This move marks the end of an era for Jordan, who has been a prominent figure in the organization since 2010. The news of this sale has generated significant buzz within the basketball community and among fans of the Hornets.
A New Chapter Begins
The Charlotte Hornets announced on Friday that Jordan is selling his majority share of the team to a group led by Gabe Plotkin and Rick Schnall. Plotkin, who has been a minority stakeholder in the Hornets since 2019, and Schnall, a minority owner of the Atlanta Hawks since 2015, are poised to take over the franchise’s ownership.
While the exact sale price has not been disclosed, it is expected to be a significant transaction, reflecting the rising values of NBA teams. The sale is subject to approval by the NBA’s Board of Governors, and the process is anticipated to take some time.
Michael Jordan’s tenure as the majority owner of the Charlotte Hornets has been characterized by his basketball prowess and his impact on the game. Considered one of the greatest players in NBA history, Jordan’s influence extended beyond his playing days.
Since acquiring a minority stake in the Hornets in 2006, Jordan became the first former NBA player to become the majority owner of a franchise. His ownership marked a significant milestone for the league, as he became the only Black majority owner in the NBA.
Throughout his ownership, Jordan has overseen various aspects of the organization, including basketball operations. His wealth of experience and knowledge of the game have undoubtedly shaped the team’s direction. Despite facing challenges along the way, Jordan’s dedication and commitment to the Hornets have been unwavering.
The Rise and Challenges of the Hornets
Under Jordan’s ownership, the Charlotte Hornets experienced both highs and lows. The team’s performance on the court has been a mix of successes and disappointments, with a few notable accomplishments.
One of the highlights during Jordan’s ownership was the drafting of Kemba Walker as the ninth overall pick in the 2011 NBA Draft. Despite initial criticism, Walker proved to be a valuable asset to the franchise. He became the Hornets’ all-time leader in points scored and minutes played, leaving a lasting impact on the team’s history.
However, the inability to build a competitive roster around Walker led to a lack of sustained success. The Hornets made only two playoff appearances during Jordan’s ownership, in 2014 and 2016, both resulting in first-round exits. The team struggled to maintain consistent performances and failed to finish higher than ninth in the Eastern Conference since 2016.
The Potential for a Bright Future
While the Hornets have faced challenges in recent years, there are signs of optimism for the franchise. The emergence of LaMelo Ball, the 2021 NBA Rookie of the Year, has injected excitement and potential into the team. Ball’s dynamic playmaking and scoring ability have garnered attention from fans and analysts alike.
Additionally, the Hornets hold the second overall pick in the upcoming NBA Draft, presenting an opportunity to add another talented player to their roster. This selection could be a crucial step in building a competitive team for the future.
The New Ownership Group
The group led by Gabe Plotkin and Rick Schnall, who are set to acquire Jordan’s majority stake, brings a diverse range of backgrounds and expertise to the franchise. In addition to Plotkin and Schnall, the ownership group includes recording artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, and several local Charlotte investors.
With their combined resources and knowledge, the new ownership group aims to guide the Hornets towards sustained success both on and off the court. Their vision for the franchise will likely shape the team’s future direction and strategies.
The Impact of the Sale
The sale of Jordan’s majority stake in the Charlotte Hornets marks a significant transition for the organization. It opens the door to new possibilities and potential changes within the franchise. While Jordan will retain a minority stake and a presence within the team, the shift in ownership will undoubtedly bring about a fresh perspective and potentially new strategies.
The sale also reflects the growing value of NBA teams. The recent sale of the Phoenix Suns for $4 billion highlights the increasing worth of basketball franchises. Jordan’s decision to sell his majority stake at this time aligns with the changing landscape of sports ownership.
The End of an Era
As Michael Jordan prepares to relinquish his majority ownership of the Charlotte Hornets, it marks the end of an era in the team’s history. His impact on the franchise and the game of basketball as a whole cannot be overstated. From his playing days to his role as an owner, Jordan has left an indelible mark on the Hornets and the NBA.
While the future of the franchise remains uncertain, there is anticipation and excitement surrounding the new ownership group and the potential for growth and success. As fans eagerly await the approval of the sale and the subsequent developments, the legacy of Michael Jordan in Charlotte will forever be remembered.