Michael Jordan has finalized the sale of a majority stake in the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin. Jordan, who owned the team for 13 years, will retain a minority stake. The purchase was made at a valuation of approximately $3 billion. The new owners plan to take the Hornets to the next level on and off the court, with a focus on building a competitive team, investing in facilities, and enhancing the fan experience.
Michael Jordan has finalized the sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. Jordan, who was the league's only Black majority owner, will keep a minority stake in the team. The buying team also includes J. Cole and Eric Church. Under Jordan's leadership, the team has never seen a playoff series win, and it has the fifth-worst record in the league. Fans hope new ownership will bring new life to the team.
Michael Jordan is finalizing the sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner. Schnall and Plotkin will become the franchise's governors once the NBA completes its vetting and approval process. Jordan will continue to oversee basketball operations through next Thursday's NBA draft and the start of free agency on July 1. Jordan is expected to keep a minority stake and a presence with the franchise after the sale is complete.
Michael Jordan is reportedly in talks to sell his majority stake in the Charlotte Hornets to a consortium led by Gabe Plotkin, the hedge fund billionaire at the center of the GameStop saga. Plotkin and Rick Schnall, minority owners of the Hornets and Atlanta Hawks, respectively, are leading the consortium. Jordan would keep a minority stake if the deal is completed. The Hornets were valued at $1.7 billion by Forbes in October and currently have a 22-49 record.
Michael Jordan is in serious talks to sell a majority stake in the Charlotte Hornets to a group led by minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. If a deal is completed, Plotkin and Schnall would become co-governors of the team, while Jordan would retain a minority stake. Jordan has been the league's only Black majority owner and has owned the Hornets for 13 years, purchasing a majority stake in 2010 for $275 million.
Michael Jordan is in talks to sell a majority stake in the Charlotte Hornets to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. If a deal is completed, Jordan is expected to remain with a minority stake in the franchise. Jordan sold a significant minority stake to Plotkin and Daniel Sundheim in 2020. The Charlotte City Council’s approval of Spectrum Center renovations in 2022 included a lease extension with the Hornets to play at the Uptown arena until at least 2045.
Michael Jordan is reportedly in "serious talks" to sell a majority stake in the Charlotte Hornets to a group led by minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. Jordan has owned the majority of the team since 2010 and became part-owner in 2006. If a sale goes through, Jordan will still own a piece of the team. No deal is imminent, but there has been "significant momentum."
Charlotte Hornets owner Michael Jordan is reportedly in "serious talks" to sell his majority stake in the franchise to a group led by minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. Jordan became the majority owner of the Hornets in 2010, but the team has struggled to find consistent success on the court during his tenure. If the sale were to go through, Jordan would still remain a minority owner of the franchise.
