Michael Jordan Concludes Landmark Sale of Charlotte Hornets, Retaining Minority Stake
Charlotte, NC – NBA legend Michael Jordan officially completed the sale of his majority ownership stake in the Charlotte Hornets in August 2023, marking a significant transition for both the franchise and the league. The iconic former UNC basketball player and six-time NBA champion sold his controlling interest to a group led by Gabe Plotkin, founder of Melvin Capital, and Rick Schnall, co-president of Clayton, Dubilier & Rice. The deal, which garnered widespread attention across the sports and business worlds, valued the Hornets at approximately $3 billion, representing a substantial return on Jordan’s initial $275 million investment made in 2010.
Jordan’s 13-year tenure as majority owner saw the franchise undergo a name change from the Bobcats back to the Hornets, a move largely welcomed by the fan base. However, on-court success remained elusive during his leadership, with the team failing to win a single playoff series in three postseason appearances. Despite the team’s struggles for consistent competitiveness, Jordan’s ownership period highlighted the skyrocketing valuations of NBA franchises, underscoring the league’s immense financial growth and global appeal.
While no longer the primary decision-maker, Michael Jordan has retained a minority ownership stake in the Charlotte Hornets, ensuring his continued, albeit reduced, presence within the organization. The new ownership group, which also includes notable figures like recording artists J. Cole and Eric Church, now faces the challenge of building a consistently winning team in Charlotte and aiming to elevate the franchise’s standing within the competitive landscape of the NBA.
