CHARLOTTE, N.C. — Michael Jordan’s tenure as the majority owner of the Charlotte Hornets is coming to an end.
Jordan is selling a large part of his stake in the franchise to a group that includes Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, the team announced on Friday. The news comes less than a week before the NBA draft, where the Hornets hold the No. 2 overall selection and are mulling over selecting G League Ignite standout Scoot Henderson or University of Alabama wing Brandon Miller.
Jordan, who will remain a minority owner, paid Bob Johnson roughly $180 million in 2010 to take majority control of the expansion franchise, acquiring roughly 65% of the team’s equity from Johnson. Jordan sold a piece of the Hornets to Plotkin and Dan Sundheim in 2019.
Schnall is in the process of selling his investment in the Hawks and the transaction should be completed in the coming weeks, according to a statement from the Hornets.
Along with Plotkin and Schnall, the new ownership group also includes rapper J. Cole and country music singer-songwriter Eric Church. Sundheim, Chris Shumway, Ian Loring, Dyal HomeCourt Partners, Amy Levine Dawson and Damian Mills are a part of it as well.
Jordan, 60, had been mulling his options since word broke in March that he was thinking about selling a portion of his shares. One league source recently characterized it as a 60%/40% chance that Jordan would go through with a deal, and after weighing his options, the Hall of Famer elected to make the move.
Still, the expectation is for Jordan to remain deeply involved with personnel matters leading into the draft as well as free agency once it officially begins on July 1. The Hornets have plenty of decisions to make with their roster after missing out on the playoffs for the seventh straight season, which represents the longest drought in the NBA.
Charlotte has struggled to put it all together during the past decade under Jordan’s ownership. They have reached the postseason only twice, and they’ve also had five head coaches — including a second stint for Steve Clifford after the firing of James Borrego. With Jordan at the helm, the Hornets have boasted winning records just three times in 13 seasons and once since 2017.
The task of elevating the franchise out of the Southeast Division cellar will belong mostly to Plotkin and Schall after the deal is approved by the NBA’s Board of Governors. The approval should be seamless, given the new owners are not new to the league.
Plotkin is the founder and chief investment officer of Tallwoods Capital LLC and has been an alternate governor on the NBA’s board since 2019. Schnall is the co-president of Clayton, Dubilier & Rice LLC, a place he’s worked at for 27 years, and has been a member of the Hawks’ ownership group and an NBA alternate governor since 2015.
