February 23, 2024

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Michael Jordan’s $3BILLION sale of the Charlotte Hornets is COMPLETE but Hall of Famer keeps minority stake

Michael Jordan’s $3BILLION sale of the Charlotte Hornets is COMPLETE but Hall of Famer keeps minority stake

  • The Charlotte Hornets are coming off a disappointing 27-55 season 
  • The sale ends Jordan’s unspectacular 13-year reign as Hornets majority owner 
  • DailyMail.com provides all the latest international sports news

Michael Jordan‘s $3 billion sale of the Charlotte Hornets has been approved by the NBA board of governors, the team announced Thursday. 

The Basketball Hall of Famer plans to maintain a minority stake of the team, while former minority owner Gabe Plotkin joins Rick Schnall atop the club’s new ownership hierarchy. The two will serve as Co-Chairmen of Hornets Sports & Entertainment and will rotate governorship every five years, starting with Schnall. 

The sale ends Jordan’s 13-year run as majority owner, and leaves the NBA without any African-American team governors. He recently celebrated the move with a family vacation in the Mediterranean alongside his wife Yvette Prieto

‘We want to thank Michael for this opportunity, as well as his support throughout this process,’ Plotkin and Schnall said in a statement. ‘During his ownership, he brought stability to the Hornets franchise, achieved many business milestones, reconnected and reinvested in the Charlotte community and has the organization positioned for greater success. We look forward to building upon this success in the years to come.’

The Hornets are coming off a disappointing 27-55 season after star point guard LaMelo Ball  battled ankle issues for much of the campaign. The club did add Alabama’s Brandon Miller with the second pick of the 2023 NBA Draft, giving coach Steve Clifford a pair of young talents to build around. 

Michael Jordan 's $3 billion sale of the Charlotte Hornets has been approved

Michael Jordan ‘s $3 billion sale of the Charlotte Hornets has been approved

The team announced the deal's completion in a Twitter post on Thursday morning

The team announced the deal’s completion in a Twitter post on Thursday morning 

The Hornets are currently valued by Forbes at $1.7 billion – 27th among NBA teams, and a $1.3 billion improvement over the last decade. 

But the success Jordan enjoyed over six NBA championships and five MVP awards has failed to translate into success as an owner. Charlotte has been one of the league’s worst performing teams throughout his time in charge.

Outside of the name change from the Bobcats to the Hornets in 2015, Jordan’s tenure as Hornets owner has been anything but memorable.

Charlotte has enjoyed just three winning seasons and only two playoff berths since Jordan became majority owner.