The majority ownership of the Charlotte Hornets is being sold by Michael Jordan to a group led by Gabe Plotkin and Rick Schnall, leaving the NBA without any Black majority ownership. Jordan, who bought the team in 2010, plans to retain a minority stake. The sale is pending approval from the NBA’s Board of Governors, and the exact sale price has not been announced, although sources estimate the franchise’s value at $3 billion.
During Jordan’s 13-year tenure as the owner, the Hornets struggled to achieve success on the court. The team had a record of 423-600, failing to win a playoff series in that time and missing the postseason for the past seven seasons. Jordan’s ownership was marked by criticism for not spending enough on free agency to build a competitive team.
The new potential ownership group, pending approval, includes J. Cole, Dan Sundheim, Ian Loring, Eric Church, Chris Shumway, and local Charlotte investors. The Hornets organization includes the NBA G League’s Greensboro Swarm and the NBA 2K League’s Hornets Venom GT, along with managing the Spectrum Center.
The Hornets, coming off a 27-55 season, hold the No. 2 pick in the upcoming NBA draft. Charlotte’s notable players include LaMelo Ball, Terry Rozier, Gordon Hayward, P.J. Washington, and Mark Williams. The team will have the choice between G League star guard Scoot Henderson or Alabama’s Brandon Miller.
Jordan’s decision to sell reflects the increasing values of NBA teams and his desire to explore new opportunities. The NBA Commissioner, Adam Silver, has emphasized the importance of diversity in ownership groups, expressing the league’s focus on better representation.
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