Michael Jordan Finalizing Sale Of Charlotte Hornets' Majority Ownership
By Jason Hall
June 16, 2023
Basketball Hall of Famer Michael Jordan is reportedly finalizing a sale of the majority stake in the Charlotte Hornets' ownership to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, NBA sources told ESPN's Adrian Wojnarowski on Friday (June 16).
Jordan, a six-time NBA champion, has served as the Hornets' majority owner since 2010, having initially purchased a minority stake in the then-Charlotte Bobcats in 2006.
"BREAKING: Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday," Wojnarowski tweeted.
BREAKING: Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday. pic.twitter.com/5TonSrIQhF
— Adrian Wojnarowski (@wojespn) June 16, 2023
Jordan was previously reported to have engaged in talks with the group in March and is expected to retain a minority stake and continue having a presence with the Hornets once the sale is complete, sources confirmed to Wojnarowski.
"No deal is imminent, but there’s significant momentum on a sale that would eventually install Plotkin and Schnall as the co-governors of the Hornets, sources said. If sale is completed, Jordan would be expected to keep a minority stake in team," Wojnarowski tweeted at the time.
ESPN Sources: Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. pic.twitter.com/jg03W25s49
— Adrian Wojnarowski (@wojespn) March 16, 2023
Jordan, regarded by many as basketball's greatest player of all-time, is the NBA's only Black majority owner, purchasing full ownership from Robert L. Johnson, the first African-American billionaire, for $275 million in 2010, before later selling 20% to Plotkin and Daniel Sundheim in September 2019.
The Hornets are currently estimated to be valued at $1.77 billion, which ranks 26th among all 30 NBA teams, according to Sportico. Last month, Milwaukee Bucks co-owner Marc Lasry reportedly reached an agreement to sell his stake in ownership to Cleveland Browns owners Jimmy and Dee Haslam for a $3.5 billion valuation, sources with knowledge of the deal confirmed to ESPN at the time.
The deal would be the second-highest valuation ever for an NBA team, following the recent record-setting purchase made by Phoenix Suns owner Mat Ishbia, which was completed earlier this month, as well as the third-highest involving a American professional sports team, also following the recent $4.65 billion purchase of the Denver Broncos made by the Walton family last year.