Michael Jordan’s Era as Charlotte Hornets Owner Comes to an End as Team Announces Sale to New Ownership Group

The Charlotte Hornets basketball team is set to have new owners as the team announced on Friday that they have agreed to a sale.  The sale will be led by Gabe Plotkin, a minority owner of the Hornets, and Rick Schnall, a minority owner of the Atlanta Hawks.  Joining them in the ownership group are rapper J. Cole and country music singer-songwriter Eric Church.

The agreement is expected to be finalized in the next few days, pending approval from the league.  Meanwhile, Michael Jordan will continue to oversee the team’s basketball operations during the upcoming 2023 NBA Draft, where the Hornets have the second overall pick, as well as the start of free agency.

The Hornets’ front office has been in discussions with top draft prospects Scoot Henderson and Brandon Miller regarding the impending sale, as reported by Yahoo Sports’ Jake Fischer.  Despite this, the team’s plan is to schedule return visits with both prospects and make a decision on Monday.  It appears that the Hornets are leaning towards choosing between these two prospects, even though they recently met with Amen and Ausar Thompson, as mentioned in Fischer’s report on Thursday.

While Jordan will retain a minority stake in the team, Schnall will be selling his minority investment in the Atlanta Hawks.

This sale marks the end of Michael Jordan’s 13-year tenure as the majority owner of the Hornets.  He initially became a part-owner in 2006 and later acquired a controlling interest in the team from George Shinn in 2010 for $275 million.  During his ownership, Jordan made significant changes, including renaming the team back to the Hornets and becoming the first former NBA player to achieve billionaire status.