Michael Jordan is in the final stages of selling the majority ownership of the Charlotte Hornets, marking the conclusion of his 13-year stewardship over the team, as announced on Friday. The sale is being facilitated to a consortium led by Gabe Plotkin and Rick Schnall, both familiar figures in NBA ownership circles. Plotkin, a minority stakeholder since 2019, joins forces with Schnall, who has held a similar position with the Atlanta Hawks since 2015, currently in the process of divesting his stake in that franchise.
The transaction’s timeline for completion remains uncertain pending approval from the NBA’s Board of Governors. Despite the impending sale, Michael Jordan intends to retain a stake in the Hornets, a team he acquired in 2010 for approximately $275 million. NBA Commissioner Adam Silver commented on the development during the NBA Finals, acknowledging Jordan’s right to sell amidst the significant rise in team valuations since his initial purchase.
The financial details of the sale have yet to be disclosed. The most recent NBA team sale saw Mat Ishbia acquiring the Phoenix Suns for a staggering $4 billion in December. Joining Plotkin and Schnall in the new ownership group, subject to approval, are notable names such as musician J. Cole, financial executive Dan Sundheim, and country artist Eric Church, alongside several local investors from Charlotte including Amy Levine Dawson and Damian Mills.
This transition marks a significant chapter for the Charlotte Hornets and underscores the evolving landscape of NBA ownership. For Michael Jordan, while stepping away from majority ownership, his continued involvement signifies a lasting legacy in the league he once dominated as a player, now shaping its future from a different vantage point.
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