J. Cole

Sale Of Hornets Finalized

August 3rd, 2023 at 9:34am CST by Arthur Hill

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.”

Schnall had been a minority owner of the Hawks and an alternative on the league’s Board of Governors since 2015. Plotkin has held a minority stake in the Hornets since 2019 and served as a Board of Governors alternate as well. Their ownership group includes entertainers J. Cole and Eric Church, who are both from North Carolina.

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.”

Hornets Notes: Miller, Henderson, Clifford, Kupchak, Jordan, Cole

June 18th, 2023 at 10:03am CST by Arthur Hill

Before making a final decision on the No. 2 pick in the draft, the Hornets have invited Brandon Miller and Scoot Henderson to return to Charlotte on Monday for a second round of workouts and interviews, according to Adrian Wojnarowski and Jonathan Givony of ESPN.

Team owner Michael Jordan will be present at the workouts and will get his first in-person look at the two prospects, the authors add. Jordan has agreed to sell his majority stake in the team, but he remains in charge until the sale is finalized.

Miller is still considered the favorite to be selected by the Hornets, sources tell Wojnarowski and Givony, but Henderson made a strong impression during his session with the team last week. Their sources also say Miller didn’t exhibit the same intensity or conditioning level that Henderson did in their first workout, Givony tweets, so Monday’s gathering might be viewed as a second chance for him.

Wojnarowski and Givony also hear that both players are hoping to be selected by Charlotte because the city is much closer to their homes than Portland is, and they are excited about the new ownership group.

There’s more from the Southeast Division:

The pending sale shouldn’t affect the jobs of either head coach Steve Clifford or general manager Mitch Kupchak, according to Roderick Boone of The Charlotte Observer. Clifford was hired last June and had to deal with numerous injuries to key players this season. He’s expected to get at least one more year on the job before a coaching change is considered. Kupchak signed a multi-year extension last year, and Boone states that this offseason will be important to his future, starting with making the right choice in the draft.
The high prices being fetched by sports franchises, along with Jordan’s legendary competitive nature, were likely factors in the sale, Boone adds. Jordan will reportedly sell the franchise for a $3 billion valuation and will get to retain a minority share of the team. Boone also suggests that Jordan doesn’t want his legacy to be affected by being associated with a losing franchise, as the Hornets have compiled a 423-600 record under his ownership.
Victoria Hernandez of USA Today looks at three potential ways that rap star J. Cole, who is part of the new ownership group, can use his connections in the music industry to benefit the team.

Michael Jordan Agrees To Sell Majority Share Of Hornets

June 16th, 2023 at 9:45am CST by Luke Adams

9:45am: The Hornets have put out a press release confirming that Jordan has reached an agreement to sell the majority share of the franchise to a group led by Plotkin and Schnall. According to Wojnarowski (Twitter link), the team is being valued at approximately $3 billion in the sale.

In addition to the names listed below, the new ownership group will include tech investor Ian Loring and several North Carolina natives, including recording artists J. Cole and Eric Church, per the Hornets.

The team added that Schnall is in the process of selling his minority stake in the Hawks, which will likely be completed within the next few weeks.

9:04am: Hornets owner Michael Jordan is selling his majority share of the franchise, according to Adrian Wojnarowski of ESPN, who reports that Jordan is in the process of finalizing a deal with a group led by Gabe Plotkin and Rick Schnall.

Plotkin is a current minority stakeholder in the Hornets, while Schnall held a minority share of the Hawks. They’ll become the new team governors in Charlotte once the sale is completed and approved by the NBA, says Wojnarowski, adding that an agreement is expected to be reached soon.

Jordan assumed majority control of the Hornets back in 2010, completing a deal that was based on a reported valuation of $275MM. While it’s not clear yet what he’ll sell for, Forbes estimated last October that the franchise was worth $1.7 billion, and those projections often undershoot actual sale prices.

Charlotte’s NBA franchise, which reentered the NBA as the expansion Bobcats in 2004 before being rebranded as the Hornets in 2014, made the playoffs just three times during Jordan’s tenure as majority owner and didn’t win a postseason series.

According to Wojnarowski, Jordan will remain involved with the Hornets, at least in the short term. He’ll continue to oversee basketball operations during the draft and the start in free agency in the coming weeks. Even after completing the sale, the six-time NBA champion is expected to retain a minority stake in the team, sources tell ESPN.

Word broke three months ago that Jordan was mulling the possibility of giving up control of the Hornets to a group led by Plotkin and Schnall. A story last month indicated that he may have been waiting until after the draft lottery to make a decision, since landing the No. 1 overall pick and the right to draft Victor Wembanyama would’ve increased the value of the franchise.

Charlotte didn’t win the draft lottery, but did come away with the next-best thing — the team controls the No. 2 pick, which could be used to draft a potential star like Scoot Henderson or Brandon Miller or as the centerpiece in a trade for an established veteran star. For now, there doesn’t appear to be traction on a trade involving the No. 2 pick, though that could change by the time the Hornets are on the clock next Thursday.

Jake Fischer of Yahoo Sports reported yesterday that Charlotte is trying to bring Henderson and Miller back to town this coming Monday to meet with Jordan, adding that all signs point toward the club choosing between those two players if it keeps its lottery pick. The Hornets have kept the reps for Henderson and Miller apprised on the ownership situation, tweets Fischer.

Besides Plotkin and Schnall, the Hornets’ new ownership team will include Hornets minority owner Daniel Sundheim, who is part of the purchasing group, says Wojnarowski.

A source tells Mike Vorkunov of The Athletic (Twitter link) that private equity form Dyal HomeCourt Partners is also expected to be involved in the group. Dyal also has stakes in the Hawks and Kings and had one in the Suns before cashing out in February when Mat Ishbia bought the franchise, says Vorkunov.

It remains to be seen how the Hornets’ ownership change might affect the team on and off the court going forward — head coach Steve Clifford and president of basketball operations Mitch Kupchak are among those in leadership roles whose futures could be impacted. For what it’s worth, Fischer notes (via Twitter) that Schnall was believed to be involved in basketball operations during his time as a Hawks minority owner.