- NBA team Charlotte Hornets have new owners ahead of the upcoming season
- Michael Jordan has finalized the sale of his majority stake in the team
- The new owners are a group led by Rick Schnall and Gabe Plotkin as announced on Thursday
NBA legend Michael Jordan has completed the sale of a majority stake in the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin, as announced on Thursday. After a 13-year run as the majority owner, Jordan expressed his enthusiasm for passing the reins to two successful and strategic leaders in Schnall and Plotkin. While he steps back from the majority ownership, Jordan will retain a minority stake in the team, ensuring his continued involvement in the organization. The deal was made at a staggering valuation of approximately $3 billion, a significant leap from the $275 million that Jordan paid for the majority stake back in 2010.
The NBA’s board of governors approved the new ownership group with an overwhelming 29-1 vote, as reported by ESPN’s Adrian Wojnarowski. This endorsement showcases the confidence and support that the league has in Schnall and Plotkin’s vision for the Hornets’ future.
Schnall, previously a minority owner with the Atlanta Hawks, and Plotkin, a minority owner with the Hornets, will jointly serve as co-chairmen of HSE (Hornets Sports & Entertainment) and will take turns as the team’s governor every five years, starting with Schnall.
READ: Michael Jordan selling Charlotte Hornets for $3 billion
The duo expressed their gratitude to Jordan for the opportunity and his support throughout the process. They acknowledged Jordan’s role in bringing stability to the Hornets franchise, achieving numerous business milestones, and reinvesting in the Charlotte community. With the foundation laid by Jordan, Schnall and Plotkin are eager to build on the success and elevate the Hornets to the next level.
NBA legend Michael Jordan has finalized the sale of his majority stake at Charlotte Hornets, with the team receiving its new owners. | PHOTO: ESPN |
Their vision for the Hornets encompasses both on-court success and off-court engagement with the community and fans. The new owners are determined to establish a highly competitive basketball team while developing innovative business practices. Additionally, they plan to make significant investments in the team, its facilities, and the overall fan experience. By focusing on these aspects, they aim to deliver a winning team and an unparalleled experience to fans throughout the Carolinas.
READ: NBA board approves sale of Charlotte Hornets
Rick Schnall brings with him considerable experience in the sports and business realms. As co-president of Clayton, Dubilier & Rice LLC, he has spent 27 years shaping successful business ventures. He was also deeply involved in various aspects of the Atlanta Hawks’ team-building process and the renovation of State Farm Arena. Moreover, Schnall has been serving as the alternate governor on the NBA’s board of governors since 2015.
Gabe Plotkin, on the other hand, is the founder and chief investment officer of Tallwoods Capital LLC. He acquired a minority stake in the Hornets in 2019 and has been an alternate governor on the league’s board of governors since the same year.
In addition to Schnall and Plotkin, the Hornets’ new ownership group boasts an impressive list of investors, including Chris Shumway, Dan Sundheim, Ian Loring, Andrew Schwartzberg, Dyal HomeCourt Partners, recording artist J. Cole, and country music singer-songwriter Eric Church, both of whom hail from North Carolina. Several local Charlotte investors, such as Amy Levine Dawson and Damian Mills, further strengthen the local ties and commitment to the community.
As the deal concludes, fans eagerly anticipate the fresh energy and direction that Schnall and Plotkin will bring to the Hornets. With Michael Jordan’s legacy in the background and this new ownership group’s dedication to success, the future looks promising for the Charlotte Hornets organization.
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