CHARLOTTE, N.C. — One of the most famous athletes to come out of North Carolina is selling one of the state’s premier sports franchises.
Michael Jordan is finalizing a deal to sell his majority ownership stake in the NBA’s Charlotte Hornets, The Charlotte Observer confirmed Friday.
The Hornets confirmed the deal in a press release.
Jordan, who grew up in North Carolina and won a national title at UNC before launching a decades-long playing career in the NBA, paid about $180 million to take majority control of the team in 2010, the Observer reported previously.
“As part of the transaction, Jordan will retain a minority ownership share of the team,” the Hornets’ statement said.
Here’s a look back at Jordan’s history with the Charlotte Hornets:
— 1988 — The Charlotte Hornets are founded as part of an NBA expansion, under the ownership of Kannapolis native and businessman George Shinn.
— 2001 — In the wake of a sexual assault trial where Shinn was acquitted but saw his reputation tarnished, Charlotte voters reject a referendum to build the Hornets a new arena. Shinn then moved the franchise to New Orleans.
— 2004 — The NBA puts another franchise in Charlotte, called the Bobcats.
— 2006 — Jordan buys a share of the Bobcats from then-majority owner Robert Johnson, also becoming “Managing Member of Basketball Operations” for the team.
— 2010 — Jordan pays about $180 million to take majority ownership of the Bobcats. The purchase gives Jordan about 65% of the team’s equity. He is the only Black majority owner of an NBA team.
— 2013 — Jordan announces he’s submitted a request to the NBA to change the Bobcats name to the Hornets.
“This is a monumental moment for our organization,” Jordan said in a statement at the time. “After undergoing an elaborate research process, we recognize that this is what our fans want. We believe that making this change would not only re-establish one of the most recognized brands in sports but would also unify our fan base by bringing together our loyal Bobcats fans with those who have fond memories of our city’s NBA predecessor. Our fans spoke and we listened.”
The NBA Board of Governors unanimously approved the renaming later that year.
— 2019 — Jordan sells part of the Hornets to two New York-based investors — Gabe Plotkin and Daniel Sundheim.
— March 2023 — Reports surface that Jordan is considering selling much of his ownership stake in the Hornets to a group that includes Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.
Shortly after, Jordan’s company, Jump Management, releases a statement downplaying the rumors.
“Four years ago, Michael Jordan sold a stake in the Charlotte Hornets to a Gabe Plotkin-led group,” the statement read. “As a natural step in a process due to that transaction, Michael and Gabe are in discussions about his group potentially buying an additional stake. At this time, it is unclear whether an additional sale will take place.”
— May 2023 —The Hornets get the No. 2 overall pick in the 2023 NBA draft in the NBA draft lottery.
— June 16, 2023 — ESPN’s Adrian Wojnarowski reports Jordan is finalizing a deal “to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall for an approximate $3 billion valuation.”
The Observer confirms ESPN’s report with league sources, and the team releases a statement confirming the news.
The rest of the new ownership group includes, per the team’s statement, “Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, North Carolina natives recording artist J. Cole and country music singer-songwriter Eric Church, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.”
