Michael Jordan Set to Sell Majority Ownership of Charlotte Hornets

CHARLOTTE – Michael Jordan has agreed to sell the majority of his ownership stake in the Charlotte Hornets, leaving the NBA without any teams under Black majority control.

The Hornets announced on Friday that Jordan has finalized a deal to sell to a group led by Gabe Plotkin and Rick Schnall. Plotkin has been a minority owner of the Hornets since 2019, while Schnall has been a minority owner of the Atlanta Hawks since 2015. Schnall is in the process of selling his Hawks investment.

The terms of the deal were not disclosed, but Jordan plans to retain a minority stake in the Hornets, which he purchased in 2010 for about $275 million. The NBA’s Board of Governors still must approve the sale.

Jordan’s departure as the majority owner leaves the NBA without any franchises under Black principal control. Hornets sports president Fred Whitfield, a Black executive with the team since 2007, is expected to remain with the club.

Jordan, regarded as the greatest basketball player of all time, helped raise the profile of the Hornets organization during his tenure as majority owner. But the team has made the playoffs only twice in the last six seasons.

With Jordan transitioning to a minority partner, the Hornets will have new leadership as they look to build on their recent growth and improve their on-court performance.

Michael Jordan’s Sale of Hornets Ends His Unsuccessful Run as Owner

Michael Jordan’s decision to sell the majority stake of the Charlotte Hornets brings his underwhelming 13-year tenure as owner to an end. During Jordan’s time at the helm, the Hornets made the playoffs just twice and were mired in mediocrity for most of his time in charge.

NBA Commissioner Adam Silver recently said Jordan has “the absolute right to sell” the team just as he had the right to buy it in the first place. Silver noted that team values have risen significantly since Jordan bought the Hornets for $275 million in 2010.

While speaking at the NBA Finals earlier this month, Silver said diversity in team ownership remains a league priority. However, he acknowledged that individual team transactions are driven by market forces. Jordan’s sale leaves the NBA without any franchises owned by a principal Black governor.

Hornets sports president Fred Whitfield, a longtime Black executive with the team, is expected to remain in his role even after the sale. But the new owners will have the task of elevating the Hornets on and off the court after years of middling performance.

In summary, Jordan’s time as Hornets majority owner can be seen as unsuccessful due to the team’s lack of playoff success and failure to compete with top Eastern Conference clubs. His decision to sell ends that chapter and opens the door for new leadership and a fresh start for the franchise.

Michael Jordan Sells Majority Stake in Hornets for Undisclosed Amount

Michael Jordan has sold the majority of his ownership stake in the Charlotte Hornets, though the exact sale price was not announced. ESPN reported that the Hornets franchise was being valued at $3 billion in the deal.

Jordan declined to comment on the sale through a spokesperson. He had owned the Hornets since 2010, purchasing the team for $275 million.

While Jordan is an NBA legend as a player, winning six championships with the Chicago Bulls, the Hornets struggled during his tenure as majority owner. The team had a 423-600 record under Jordan, the 26th best win percentage out of 30 NBA teams during that span. They failed to win a playoff series and have not made the postseason in the last seven years.

Fred Whitfield, the Hornets’ longtime sports president and a Black executive, is expected to remain with the team following the sale. However, the new owners will have the task of elevating the Hornets both on and off the court after years of mediocrity.

In summary, Jordan’s time as Hornets majority owner can be seen as unsuccessful due to the team’s lack of playoff success and inability to compete with top Eastern Conference clubs. His decision to sell the majority stake and take a smaller role with the team signals a fresh start for the franchise under new leadership.

Michael Jordan is selling the majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall.
The new ownership group includes prominent figures like recording artist J. Cole, private equity investor Dan Sundheim, and country music singer Eric Church among others. Several local Charlotte investors are also involved.
Along with the Hornets NBA franchise, the sale includes the Greensboro Swarm of the NBA G League, the Hornets Venom GT of the NBA 2K League, and the management of Spectrum Center arena.
When Jordan first bought the Hornets in 2010, it created a lot of hype given his North Carolina roots and status as an NBA legend.
However, the Hornets struggles on the court and inability to turn things around reportedly bothered Jordan. He sold a minority stake in 2020, signaling his interest in reducing his involvement.
The new ownership group still needs NBA Board of Governors approval before finalizing the purchase. Longtime Hornets executive Fred Whitfield is expected to remain in his role following the sale.

The key takeaways are that Michael Jordan is selling the majority of the Hornets to a group that includes notable figures beyond just Plotkin and Schnall, and that the sale encompasses not just the NBA team but also affiliates and the arena management rights. Jordan’s time as majority owner can be seen as unsuccessful due to the team’s lack of on-court success, which ultimately led to his decision to sell control.

Jordan’s ownership of the Hornets was criticized for not investing adequately in free agency to improve the team’s competitiveness. He inherited a team that had won 44 games in the previous year but was eliminated in the first round by the Orlando Magic.