The purchase of Michael Jordan’s majority stake in the Hornets by a group led by Gabe Plotkin and Rick Schnall has been finalized, the team announced in a press release. The sale was approved by the NBA’s Board of Governors last month.
Plotkin and Schnall will immediately take over controlling interest in the team. They will serve as co-chairmen of Hornets Sports & Entertainment and will rotate the governorship every five years, starting with Schnall.
“Our vision is to take the Hornets to the next level, both on and off the court,” the new owners stated in the release. “We will look to build a highly competitive basketball team, develop innovative business practices, give back to our community and connect with our fans. We plan to further invest in the team, the facilities and the fan experience, with the goal of delivering a winner to our fans throughout the Carolinas. We are confident that our successful business backgrounds and our previous experience as NBA minority owners will be beneficial as we shape the future of the franchise as a best-in-class organization.”
Jordan, who has owned the team since 2010, will remain a minority owner and an alternate governor, the press release confirms. The purchase price isn’t disclosed, but ESPN’s Adrian Wojnarowski has reported that the franchise is being valued at $3 billion for the sale.
“The opportunity to be the majority owner of the Charlotte Hornets in my home state of North Carolina for the last 13 years has been a tremendous honor,” Jordan said. “I’m proud of all that the organization accomplished: the exciting on-court moments, the return of the Hornets name, Charlotte hosting the 2019 NBA All-Star Game and HSE becoming a true pillar of this community. Through the years, the unwavering commitment, passion and loyalty of our Hornets fans has been incredible.
“As I transition into a minority ownership role, I’m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick. I know the Hornets organization is in great hands moving forward. I’m excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead.”
I know people taking half of what market value is in order to sell their house, and I know several car dealers, new & used alike that are in panic mode currently, and about to fold up shop.
How does Michael Jordan do the impossible and sell his stake in this team when the market is absolutely dried up, garbage, and lean on buyers?
Michael Jordan is extremely lucky to have been bailed out of the loss that an NBA franchise will soon be if you bought recently,or the last couple years.
“Im proud of all that the organization accomplished”
Anyone else feel weird about that being a Michael Jordan quote? He knows more than almost anyone involved in the history of the NBA what success looks like. 4 years of Kemba Walker, the NBA feeling bad for you and giving you the an allstar weekend, and a roster full of criminals isn’t success.
Not at all.
1. Building a franchise is hard. There have been teams in the league for decades that haven’t done anything. And expansion franchises have it even harder because they can’t get top picks for a certain amount of years. It’s completely an uphill battle. Jordans hornets weren’t even around for 20 years, I guarantee if you took every teams first 20 years, they would matchup pretty respectabley.
2. It’s ignorant to say Jordans hornets weren’t a success as a business. First, just the fact he got the Hornets name back and got rid of the Bobcats name is a great success in its own right. Second, he lasted longer as a franchise than the original hornets. Third, there was never a question about the team being an established franchise at a time when the Sonics failed, the Kings and Pistons were barely treading water.
3. I know the easy thing to do is to judge teams by their basketball success, but remember, it’s a business and the Nuggets are the 21st most valuable team in the league while the Knicks 2nd most valuable.
And teams full of criminals? Unless you’re talking about Hayward, stop the nonsense