It’s official — the Hornets are now owned by a group led by Gabe Plotkin and Rick Schnall, and no longer owned by NBA legend Michael Jordan.
The team announced in a press release that the NBA Board of Governors has approved the sale, and that Plotkin and Schnall will immediately take over controlling interest of the franchise. Jordan will continue to own a minority stake.
“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.”
The Hornets were valued at $3 billion ahead of the sale, per Adrian Wojnarowski of ESPN.
“Our vision is to take the Hornets to the next level, both on and off the court,” Plotkin and Schnall said in the statement. “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.”
Michael Jordan is selling his majority stake in the Charlotte Hornets to the Gabe Plotkin/Rick Schnall group for an approximate $3 billion valuation, league sources tell ESPN. pic.twitter.com/zDuhsg8mDE
— Adrian Wojnarowski (@wojespn) June 16, 2023