Michael Jordan To Sell Majority Ownership Stake In Charlotte Hornets, Retain Minority Position
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| Photo: Instagram/Michael Jordan |
Michael Jordan has announced his decision to sell the majority ownership stake in the Charlotte Hornets, with plans to retain a minority stake and remain involved with the franchise.
The sale, which is currently being finalized, will leave the 30-team NBA without any Black majority ownership. The purchasing group is led by Gabe Plotkin and Rick Schnall, with Plotkin already holding a minority stake in the Hornets since 2019.
Schnall, on the other hand, has been a minority owner of the Atlanta Hawks and is in the process of divesting his investment in that team. The exact timeline for the completion of the sale and the approval by the NBA's Board of Governors is still unclear.
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| Photo: Instagram/Michael Jordan |
Jordan initially acquired the Hornets in 2010 for approximately $275 million and intends to maintain a minority stake in the team. Unfortunately, his 13-year tenure as the owner was marked by the team's inability to achieve significant success.
NBA Commissioner Adam Silver acknowledged Jordan's right to sell and highlighted the increasing values of NBA teams. Silver also expressed the league's commitment to promoting diversity in ownership groups, emphasizing the importance of better representation among principal governors.
While the sale price has not been disclosed, sources suggest that the franchise is valued at $3 billion. The new potential ownership group includes notable individuals such as recording artist J. Cole, Dan Sundheim, Ian Loring, Eric Church, Chris Shumway, and several local Charlotte investors.
The ownership group also encompasses the NBA G League's Greensboro Swarm, the NBA 2K League's Hornets Venom GT, as well as the management and operation of the Spectrum Center, all of which are part of the sale. During Jordan's ownership, the Hornets struggled to achieve success on the court.
The team had a lackluster record of 423-600 and failed to win a playoff series during his tenure. Additionally, the Hornets have not made a postseason appearance in the past seven seasons.
Critics often pointed out Jordan's reluctance to invest significantly in free agency as a contributing factor to the team's struggles. Despite the team's challenges, the Hornets have some promising assets in players like LaMelo Ball, Terry Rozier, Gordon Hayward, P.J. Washington, and Mark Williams.
The team holds the No. 2 pick in the upcoming NBA draft, providing an opportunity to add further talent to their roster. Jordan's decision to sell the majority ownership stake indicates his desire to move on from the NBA ownership business after showing initial enthusiasm when he purchased the team in 2010.
Read Next: Cycling Tragedy: Swiss Cyclist Gino Mäder Dies at 26 Following Tour De Suisse Crash
Source: NBA
NBA Commissioner Adam Silver acknowledged Jordan's right to sell and highlighted the increasing values of NBA teams. Silver also expressed the league's commitment to promoting diversity in ownership groups, emphasizing the importance of better representation among principal governors.
While the sale price has not been disclosed, sources suggest that the franchise is valued at $3 billion. The new potential ownership group includes notable individuals such as recording artist J. Cole, Dan Sundheim, Ian Loring, Eric Church, Chris Shumway, and several local Charlotte investors.
The ownership group also encompasses the NBA G League's Greensboro Swarm, the NBA 2K League's Hornets Venom GT, as well as the management and operation of the Spectrum Center, all of which are part of the sale. During Jordan's ownership, the Hornets struggled to achieve success on the court.
The team had a lackluster record of 423-600 and failed to win a playoff series during his tenure. Additionally, the Hornets have not made a postseason appearance in the past seven seasons.
Critics often pointed out Jordan's reluctance to invest significantly in free agency as a contributing factor to the team's struggles. Despite the team's challenges, the Hornets have some promising assets in players like LaMelo Ball, Terry Rozier, Gordon Hayward, P.J. Washington, and Mark Williams.
The team holds the No. 2 pick in the upcoming NBA draft, providing an opportunity to add further talent to their roster. Jordan's decision to sell the majority ownership stake indicates his desire to move on from the NBA ownership business after showing initial enthusiasm when he purchased the team in 2010.
Read Next: Cycling Tragedy: Swiss Cyclist Gino Mäder Dies at 26 Following Tour De Suisse Crash
Source: NBA
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