After 13 years at the helm, Michael Jordan’s prominent ownership of the Charlotte Hornets has concluded. The team recently confirmed the transfer of a majority share in the franchise to a consortium led by Gabe Plotkin and Rick Schnall. The transaction, which valued the team at approximately $3 billion, received overwhelming support, with a 29-1 vote in favor, the sole opposing voice being that of James Dolan, owner of the New York Knicks.
Taking over the reins in 2010, Jordan purchased the franchise during its Charlotte Bobcats era for $275 million. Notably, he stood as the sole Black majority owner in the league and a remarkable example of a former star player becoming a team owner. Despite the transition, Jordan will continue to hold a minority stake post-sale. Schnall, who previously held a minority share in the Atlanta Hawks, and Plotkin, a Hornets minority owner since 2019, will now assume the role of the team’s new governors. Notably, the ownership collective also features notable Charlotte-based musicians J. Cole and Eric Church.
Under Jordan’s ownership, the Hornets’ performance was marked by disappointment. Across his 13-year tenure, the team recorded a 423-600 win-loss ratio, securing only three playoff appearances and failing to progress beyond a single series victory. A particularly challenging season was the lockout-shortened 2011-12 campaign, where the then-Bobcats posted a dismal 7-59 record, marking an NBA record for both fewest wins and lowest winning percentage. Among the few commendable achievements during this period was the successful retrieval of the Hornets’ original franchise history and records.
The Hornets concluded their recent season with a 27-55 record, ranking fourth from the bottom in the league. Their acquisition of the second overall pick in the 2023 NBA Draft allowed them to select Brandon Miller from Alabama, a decision that sparked some debate given the available talent like Scoot Henderson. Despite any controversies, the Hornets are poised to step into the future with an exciting young pairing in Miller and LaMelo Ball.
(Source: Jack Maloney | CBS)
