Charlotte Hornets owner Michael Jordan is in talks to sell a majority stake in the franchise. The athletic on Thursday. ESPN broke the news first. Here’s what you need to know:
- Jordan is reportedly in talks to sell his majority stake to a group led by Hornets minority owner Gabe Plotkin and Hawks minority owner Rick Schnall.
- The six-time NBA champion became the majority owner of the Charlotte franchise – then known as the Bobcats – in March 2010.
- Jordan paid $275 million for the franchise.
Backstory
The Hornets are currently 22-49 and are 14th in the Eastern Conference. They have been hampered by injuries this season. Star guard LaMelo Ball is out for the remainder of the season with a broken ankle suffered in February, and forward Gordon Hayward missed time due to a broken left shoulder suffered in November.
What this means for the NBA
The streak of owners leaving the NBA continues. This is the third major equity team to change hands this season – after the Suns and Marc Lasry’s share of the Bucks – and it could indicate that the league is now at a perfect tipping point of owners paying out for longer while franchise values keep getting higher, keep getting higher. It’s a good time to get some liquidity if you’re looking for it.
But this is also a loss to the league in many ways. While valuations may continue to rise with this sale – Hornets’ valuation is still unknown – it will be a hit for the NBA. Jordan is a legend. Not only is he a prominent player who ended up buying a team, he is arguably the best player ever. That is a good person to maintain an important position in the competition.
Jordan is also currently the only black majority owner in the NBA. That is also a thorn in the side of the Premier League. — Vorkunov
What this means for the Hornets
This will undoubtedly be a new era for the franchise. Jordan bought the team in 2010 and the Hornets have had just three winning campaigns in the 13 full seasons under his control. The Hornets don’t have a large front office, but they are several executives with long-standing ties to Jordan.
A new ownership group, with Plotkin, who has held a minority stake since 2019, and Schnall could take the franchise in a new direction.
Required reading
(Photo: Jacob Kupferman/Getty Images)