Michael Jordan is ‘selling his stake in the Charlotte Hornets for $3BILLION’ after 13 years as majority owner… but is expected to keep a minority share
- Jordan will be selling his stake to a group led by Gabe Plotkin and Rick Schnall
- Since taking over, the Hornets have gone 423-600 with three winning seasons
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After 17 years of ownership, and 13 years as majority owner, NBA legend Michael Jordan plans to sell his majority stake in the Charlotte Hornets, according to reports.
Sources told ESPN’s Adrian Wojnarowski that he will sell his shares to a consortium led by Gabe Plotkin and Rick Schnall. It is believed the NBA great will receive $3billion for to hand his stake over.
Schnall is a minority owner with the Atlanta Hawks and Plotkin owns minority shares in the Hornets.
Sources told Woj that Jordan is still expected to ‘keep a minority stake and a presence within the franchise’.
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Jordan purchased a minority stake the Hornets back in 2006, but became the majority owner of the team in 2010.
Michael Jordan is planning to sell his majority stake in the Charlotte Hornets, per reports
Jordan will sell his stake to a group led by Gabe Plotkin (L) and Rick Schnall (R)
In doing so, he became the first former NBA player to become the majority owner of a franchise.
Jordan sold a large minority stake to Plotkin and to Daniel Sundheim back in 2020. Sundheim is part of the group buying the Hornets.
Schnall was part of a group that purchased the Hawks back in 2015 for $850million. No exact figure for the amount being paid for the Hornets has been released.
Jordan’s tenure with the Hornets has been fraught with poor results, unlucky deals, and bad management – including by Jordan himself.
Since his first full season of majority ownership in 2010-11, the Charlotte Hornets have put up a combined record of 423-600 – with only three winning seasons.
In that time, they made only two playoff appearances in 2014 and in 2016 – both ending in the first round through losses to the Miami Heat.
Since that last playoff appearance in 2016, the Hornets never finished higher than ninth in the Eastern Conference.
It all culminated in last season with a 27-55 record – seeing Charlotte finish 14th in the conference and last in their own division.
Since taking over, the Hornets have gone 423-600 with only three winning seasons
During Jordan’s tenure there have been some good decisions. Drafting Kemba Walker ninth overall may have garnered criticism considering players like Klay Thompson, Kawhi Leonard, and Jimmy Butler were on the board.
However, Walker would go on to become the franchise’s all time leader in points scored and minutes played – while also ending his tenure top-5 for the most assists and steals.
But failure to build around Walker saw disappointment after disappointment. Eventually, Jordan and general manager Mitch Kupchak did not offer Walker a max contract and the team has been struggling ever since.
There are some signs of optimism in the form of 2021’s Rookie of the Year, LaMelo Ball. Plus, the Hornets have the second overall pick in this year’s NBA Draft.
