Michael Jordan finalizing sale of Charlotte Hornets after 13 years
Michael Jordan is selling the Charlotte Hornets to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. The franchise is being sold under an approximately $3 billion valuation, according to a report from ESPN’s Adrian Wojnarowski.
Jordan, who will keep a minority stake in the franchise, has been the majority owner of the franchise for the past 13 years.
J. Cole and Eric Church will also receive ownership stakes as part of the group led by Plotkin and Schnall.
The 60-year-old Jordan first bought a minority stake in the franchise in 2006 before buying the majority stake in 2010. He paid $275 million for that stake in 2010.
Jordan has been the only Black majority owner in the NBA.
While the decision is expected to be finalized very soon, Jordan will still be the figurehead leading Charlotte’s decision making during the NBA Draft and free agency.
Plotkin is the founder and chief investment officer at Melvin Capital, a hedge fund that shut down last year after it had lost billions of dollars in 2021 during the GameStop short squeeze. He and Daniel Sundheim, the founder and chief investment officer of D1 Capital, had bought a minority stake in the Hornets a few years ago.
Schnall is a co-president of the private equity firm Clayton, Dubilier & Rice.
Jordan is also the owner of the NASCAR team 23XI Racing.
The Hornets have been one of the least-successful franchises since it joined the NBA for the 2004-2005 season. Charlotte has made the playoffs only three times in 19 seasons.
The highest the team has ever finished in the Eastern Conference is sixth during the 2014-15 season when the team was 48-34, also the best record in franchise history. The Hornets lost in the playoffs in seven games to the Miami Heat.
In Charlotte’s previous two playoff appearances, it was swept both times.
Steve Clifford was re-hired as the team’s head coach ahead of last season after he was previously with the franchise from 2013-18. In his first season back with the team, Charlotte went 27-55 to finish with the second-worst record in the Eastern Conference.
Franchise star point guard LaMelo Ball played in only 36 games due to injuries, including a fractured right ankle that prematurely ended his season. Nineteen different players suited up for the franchise with 14 different players starting at least seven games during the season.
The Hornets have the No. 2 pick in the 2023 NBA Draft, which will be held next week. Charlotte is expected to be selecting between Alabama wing Brandon Miller and G League Ignite guard Scoot Henderson.