After 13 years as majority owner of the Charlotte Hornets, Michael Jordan has finally decided to sell his shares. The team confirmed on Thursday that the sale of the franchise from the NBA legend to a group led by Gabe Plotkin and Rick Schnall is official.
Rumours circulated back in March that Jordan was considering selling part of his stake in the Charlotte Hornets. Now the agreement between probably the best basketball player of all time and Rick Schnall, a minority owner of the Atlanta Hawks, as well as Gabe Plotkin, a minority owner of the Hornets, is fixed.
The sale has now also been approved by the NBA. Plotkin and Schnall will now have control of the organisation. “MJ, however, will remain on board as a minority owner. The exact shares Jordan sold and the detailed sums of the transaction are not yet known. The new ownership group also includes rapper J. Cole and country singer Eric Church, among others.
“It has been a tremendous honour to lead the Charlotte Hornets from my home state of North Carolina over the past 13 years,” Jordan is quoted as saying in a statement. “I know the Hornets organisation is in great hands. I look forward to the future of the team and will continue to support the organization and the community in my new role. “
The sale of the majority stake of the Charlotte Hornets from six-time NBA champion Michael Jordan to Gabe Plotkin and Rick Schnall has been finalized, the team announced Thursday. https://t.co/HpATxgNeyJ
– WLOS (@WLOS_13) August 4, 2023
Jordan: Hardly a success as Hornets owner
In 2010, Jordan bought a majority stake in the franchise for $275 million, which was valued at $1.7 billion by business magazine Forbes in October 2022. According to ESPN, the value of the Hornets was even estimated at three billion dollars in the sales process.
Jordan, a six-time NBA champion and five-time MVP, has not been able to repeat his success as a player as an owner. Since 2010, Charlotte has only reached the play-offs twice, but the Hornets have never won a series. The team finished last season with the second-worst record in the Eastern Conference, and in the 2023 draft Charlotte selected forward Brandon Miller with the 2nd pick, who, along with All-Star guard LaMelo Ball, is expected to lead the team into a bright future.
