According to an announcement by the organization on Friday, Michael Jordan is getting closer to the finish of an agreement to sell the majority share of the Charlotte Hornets. This will make the NBA’s 30 teams devoid of Black majority ownership.
The Hornets have stated that Jordan will sell to a group overseen by Gabe Plotkin and Rick Schnall. Since 2019, Plotkin has held a minority ownership share in the Charlotte Hornets. Since 2015, Schnall has participated in the ownership of the Atlanta Hawks as a minority owner, and he is currently in the process of selling his share of the team.
There needs to be more clarity regarding the timeline for the completion of the selling process by the Board of Governors of the NBA. Jordan has stated that he intends to maintain a minority position in the Hornets, the franchise that he purchased in 2010 for approximately $275 million.
Because of Jordan’s choice to sell, his 13-year tenure as leader of the organization will end, having yet to achieve very little success.
NBA Commissioner Adam Silver made these comments earlier this month at the NBA Finals. “In the same way that it’s wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time,” Silver said. As a result of the significant increase in values since he purchased that team, he has chosen to act in this manner.
During the same press conference at the finals, Commissioner Adam Silver stated that the Board of Governors is concentrating on increasing the diversity of the ownership groups.
“I would love to have better representation in terms of principal governors,” Silver added. “It would be fantastic.” “It looks like a marketplace. It’s something that the league could focus directly on if we were expanding, but when it comes to individual team transactions, the market determines where we end up.
The purchase price was not disclosed immediately; however, ESPN reported, citing unnamed sources, that the franchise was valued at $3 billion. Mat Ishbia’s purchase of the Phoenix Suns, which was finalized in December and had a price tag of $4 billion at the time, was the most recent transaction involving the sale of an NBA team.
Through his spokesman, Estee Portnoy, Jordan did not provide any comments regarding the sale.
Despite the fact that Jordan was an incredible player both on and off the court — winning the national championship at North Carolina, two gold medals at the Olympics, six NBA championships, and being in the discussion for the title of finest player in NBA history — the Hornets were never able to reach a championship level while he was the owner.
During his 13 seasons as head coach, Charlotte finished with a record of 423-600, which was the 26th-best mark in that span of time. During that span of time, it was never able to win a postseason series, and for the past seven years, it has yet to qualify for the playoffs.
Recording artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway, and a number of local Charlotte investors, such as Amy Levine Dawson and Damian Mills, are also candidates to become owners of the Charlotte Hornets if their bid is successful and they receive clearance.
The sale of the Hornets by HSE also includes the Greensboro Swarm of the NBA G League and the Hornets Venom GT of the NBA 2K League, as well as the management and operation of the Spectrum Center. All of these assets are included in the transaction.
The purchase of direct ownership of the team by Jordan, who was born and raised in Wilmington, North Carolina, generated a significant amount of noise.
Jordan was frustrated that the Hornets couldn’t overcome their difficulties and turn things around. When he sold a minority stake to Plotkin and Sundheim in 2020, it was the first time he indicated that he was considering exiting the NBA ownership business altogether.
Following an injury-plagued season in which they finished 27-55, the Hornets currently have the second overall pick in the NBA draft. It is anticipated that Victor Wembanyana will be selected first overall on Thursday night. This will leave Charlotte with the option of choosing either the guard Scoot Henderson of the G League or Brandon Miller of Alabama.
LaMelo Ball is the franchise’s most prominent player. In addition to him, the Hornets have other solid pieces to grow around, including Terry Rozier, Gordon Hayward, P.J. Washington, and Mark Williams, who started at center for the team last season and performed admirably for a rookie.
As an owner, Jordan took a lot of Heat for not investing more in the Hornets’ roster during free agency to make them more competitive.
In 2010, he took over a club that had won 44 games the year before, but in the first round of the playoffs, they were eliminated by the Orlando Magic.
From that point on, things became worse.
The first season Michael Jordan oversaw the Bobcats in Charlotte, the team’s record was 34-48, and the season after that, they had the poorest record in the NBA, going 7-59. However, despite having such a terrible record, the Charlotte Hornets could have been more successful in winning the lottery for the first overall choice in the NBA draft or in acquiring Anthony Davis.
In the 2013–14 postseason, the Miami Heat eliminated Charlotte in three straight games. Two years later, the Hornets had a record of 48 wins but were eliminated by the Heat in the first round once more, this time in seven games.
Since then, Jordan’s Hornets have only had one winning season and have failed to go past the first round of the play-in tournament a pair of times while holding the 10th seed.
Since the 2001-02 season, Charlotte has not won a playoff series, and the franchise has never been able to claim an NBA title.