Michael Jordan ‘sells his stake in the Charlotte Hornets for $3BILLION’ after 13 years as majority shareholder…but expected to retain minority stake
- Jordan will sell his stake to a group led by Gabe Plotkin and Rick Schnall
- Since taking over, the Hornets have gone 423-600 with three winning seasons
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After 17 years of ownership and 13 years as a majority owner, NBA legend Michael Jordan plans to sell his majority stake in the Charlotte Hornets, according to reports.
Sources report this to ESPN Adrian Wojnarowski that he will sell his shares to a consortium led by Gabe Plotkin and Rick Schnall. It is believed that the big NBA will receive $3 billion to transfer its stake.
Schnall is a minority shareholder in the Atlanta Hawks and Plotkin owns minority shares in the Hornets.
Sources told Woj that Jordan is still expected to “retain a minority stake and a presence within the franchise.”
Jordan purchased a minority stake in the Hornets in 2006, but became the team’s majority owner in 2010.
Reports say Michael Jordan plans to sell his majority stake in the Charlotte Hornets
Jordan will sell his stake to a group led by Gabe Plotkin (L) and Rick Schnall (R)
In doing so, he became the first former NBA player to become a majority owner of a franchise.
Jordan sold a large minority stake to Plotkin and to Daniel Sundheim in 2020. Sundheim is part of the group that buys the Hornets.
Schnall was part of a group that bought the Hawks in 2015 for $850 million. No exact figure has been released for the amount paid for the Hornets.
Jordan’s tenure with the Hornets was fraught with bad results, bad deals and poor management – including from Jordan himself.
Since his first full season of majority ownership in 2010-2011, the Charlotte Hornets have posted a combined record of 423-600 – with just three winning seasons.
In that time, they made only two playoff appearances in 2014 and in 2016 – both finished in the first round by losses to the Miami Heat.
Since that last playoff appearance in 2016, the Hornets have never finished higher than ninth place in the Eastern Conference.
It all culminated in last season with a 27-55 record – Charlotte finished 14th in the conference and last in their own division.
Since taking over, the Hornets have gone 423-600 with just three winning seasons
Some good decisions were made during Jordan’s tenure. Drafting Kemba Walker ninth overall may have drawn criticism as players such as Klay Thompson, Kawhi Leonard and Jimmy Butler were on the board.
However, Walker would go on to become the franchise’s all-time leader in points scored and minutes played – while also ending his tenure in the top-5 for most assists and steals.
But the failure to build around Walker saw disappointment after disappointment. In the end, Jordan and general manager Mitch Kupchak did not offer Walker a maximum contract and the team has struggled ever since.
There are signs of optimism in the form of 2021 Rookie of the Year, LaMelo Ball. In addition, the Hornets have the second overall pick in this year’s NBA Draft.