Michael Jordan finalizes a deal to sell the majority share of the Charlotte Hornets. The announcement leaves the NBA without any Black majority ownership. Hornets have been a part of Jordan’s life since he purchased the team in 2010 for about $275 million.
The buyers, Gabe Plotkin and Rick Schnall are leading a group that includes rapper J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway, and several local Charlotte investors like Amy Levine Dawson and Damian Mills. This potential new ownership group still awaits approval from the NBA’s Board of Governors.
During his 13-year ownership, Jordan faced challenges as the Hornets struggled to achieve championship-level success. The team’s record was 423-600, leaving much to be desired. The Hornets haven’t won a playoff series in the past seven seasons, and their last playoff series win dates back to the 2001-02 season.
Despite Charlotte’s struggles on the court, Jordan has remained committed to the team. He plans to retain a minority stake in the Hornets even after the majority ownership sale. However, the exact sale price has not been disclosed yet, with sources estimating the franchise’s value at $3 billion.
The Hornets’ roster boasts exciting talent, including rising star LaMelo Ball, Terry Rozier, Gordon Hayward, P.J. Washington, and promising rookie Mark Williams. With the No. 2 pick in the upcoming NBA draft, Charlotte has the opportunity to add another talented player to its lineup.
Throughout Jordan’s ownership, there have been criticisms regarding the team’s lack of competitiveness due to not spending enough in free agency. Nevertheless, he remains a beloved figure in the basketball community, with an illustrious career that includes six NBA championships and numerous accolades.
As the NBA continues to emphasize diversity in ownership, the league aims to increase representation among principal governors. Jordan’s decision to sell the majority share of the Hornets reflects his right as an owner, as the market evolves, and team values rise.
It remains to be seen how the new ownership will impact the Hornets’ future and if they can build a winning culture to bring an NBA championship to Charlotte once again.
