Michael Jordan is finalizing a deal to sell the majority share of the Charlotte Hornets, the franchise announced Friday, leaving the 30-team NBA without any Black majority ownership.
Jordan is selling to a group led by Gabe Plotkin and Rick Schnall, the Hornets said. Plotkin has been a minority stakeholder in the Hornets since 2019. Schnall has been a minority owner of the Atlanta Hawks since 2015 and is in the process of selling his investment in that team.
It’s not clear how long the process of selling will take to be finalized by the NBA’s Board of Governors. Jordan plans to keep a minority stake in the Hornets, the team he bought in 2010 for about $275 million.
Jordan’s decision to sell ends his unsuccessful 13-year run overseeing the organization.
“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,” NBA Commissioner Adam Silver said earlier this month at the NBA Finals. “Values have gone up a lot since he bought that team, so that is his decision.”
In that same news conference at the finals, Silver said the Board of Governors are focused on diversity in ownership groups.
“I would love to have better representation in terms of principal governors,” Silver said. “It’s a marketplace. It’s something that if we were expanding that the league would be in a position to focus directly on that, but in individual team transactions, the market takes us where we are.”
The sale price was not immediately announced; ESPN, citing sources, said the franchise was being valued at $3 billion. The most recent sale of an NBA team came when Mat Ishbia bought the Phoenix Suns, a deal that when struck in December valued that franchise at $4 billion.
Jordan declined comment on the sale through his spokesperson, Estee Portnoy.
For as great as Jordan was on the court — national champion at North Carolina, two-time Olympic gold medalist, six-time NBA champion and in the never-ending conversation for best player ever — the Hornets never reached a championship level during his time as the owner.
Charlotte went 423-600 in his 13 seasons in charge, the 26th-best record over that span. It never won a playoff series in that time and hasn’t even been to the postseason in the last seven seasons.
Other members of the new potential Hornets ownership group — pending the approval — are recording artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.
Along with the Hornets, HSE ownership includes the NBA G League’s Greensboro Swarm and NBA 2K League’s Hornets Venom GT, as well as managing and operating the Spectrum Center, each of which is included as part of the sale.
When Jordan, who grew up in Wilmington, North Carolina, purchased majority ownership in the team, it created a great amount of buzz.
But the Hornets’ struggles and inability to turn things around bothered Jordan. The first inclination that he was looking to get out of the NBA ownership business came in 2020, when he sold a minority stake to Plotkin and Sundheim.
The Hornets are coming off an injury-plagued 27-55 season and hold the No. 2 pick in the NBA draft. Victor Wembanyana is expected to go first overall on Thursday night, leaving Charlotte with the choice of either G League star guard Scoot Henderson or Alabama’s Brandon Miller.
Charlotte’s biggest star is LaMelo Ball, and the team still has some decent foundational parts to build around including Terry Rozier, Gordon Hayward, P.J. Washington and Mark Williams, the team’s starting center who played well last year as a rookie.
Jordan was often criticized as an owner for not spending enough in free agency to make the Hornets competitive.
He took over a team in 2010 that had won 44 games the year before but had been swept by the Orlando Magic in the first round.
It went downhill from there.
Charlotte — still the Bobcats at the time — was 34-48 in its first year under Jordan and then an NBA-worst 7-59 the following year. But despite the abysmal record, Charlotte failed to land the No. 1 pick in the NBA draft lottery and Anthony Davis.
Charlotte got back to the playoffs in 2013-14 but was swept by the Miami Heat. Two years later, the Hornets won 48 games but lost again to the Heat in the first round, this time in seven games.
In the seven years since, Jordan’s Hornets have had only one winning season and have twice exited early in the play-in tournament as the 10 seed.
Charlotte has not won a playoff series since the 2001-02 season and has never won an NBA championship.
Tim Reynolds, The Associated Press
https://fortune.com/2023/06/16/michael-jordan-selling-control-charlotte-hornets-nba-gabe-plotkin-rick-schnall/
By: Tim Reynolds, The Associated Press
Title: Charlotte Hornets confirm Michael Jordan is finalizing a deal to sell the team at a huge profit from his $275 million purchase price
Sourced From: fortune.com/2023/06/16/michael-jordan-selling-control-charlotte-hornets-nba-gabe-plotkin-rick-schnall/
Published Date: 06-16-2023
Frequently Asked Questions
What is the greatest NBA family?
This is a topic that has been hotly debated for decades. The 1980-1989 "showtime Lakers" were the dominant team in the league, winning five championships under Kareem AbdulJabbar and Magic Johnson. During this period, the Lakers featured stars such as James Worthy (Byron Scott), and Kurt Rambis.
From 200 to 2004, the Los Angeles Lakers (later known as Shaw and Kobe Lakers) were a formidable force. They were defended by Shaquille and Kobe Bryant, both Hall of Famers. They won three consecutive championships from 2000 to 2002.
The Chicago Bulls of 1990 were also a dominant force in their time. They won six championships under Phil Jackson, the legendary head coach. Michael Jordan is widely regarded as being the greatest player of all-time. The Chico Bulls (1995-1996) are one of the most famous teams in NBA History. They won three consecutive NBA championships and had a record 72 wins. The Golden State Warriors later broke the Bulls' 72-10 regular season record in 2015-2016.
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The Golden State Warriors are one among the most successful NBA teams, having won four championships in the last ten years. Steve Kerr, Klay Thompson and Stephen Curry are their stars. The Warriors' exciting brand of basketball has been a hit with fans all over the globe and they are now considered the greatest NBA Dynasty.
It is difficult to choose one team to be the greatest NBA dynasty. Each team had their own set of coaches and players that made them great, but certain teams stood out because of their dominance. There are many contenders for the title of greatest NBA dynasty, including the Bulls Bulls Celtics Spurs Warriors, Bulls, Bulls, Celtics and Celtics.
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The Boston Celtics and Los Angeles Lakers hold the title of the biggest rivalry in the NBA.
With 12 meetings, the Boston Celtics and Los Angeles Lakers have been together the most of any NBA Finals teams. The Celtics have won nine times in those meetings. Their first meeting was in 1959, but they both continued to excel in the following years, especially during the 1960s and 1980s, when they would face each other six times and three, respectively. They still met twice in that same year, despite the fact that 2000 was a new millennium.
What length of time can a player remain on waivers?
If a NBA player is dismissed by their team during the regular season, they will be on the waiver. Waived players can be claimed by another team within 48 hours. If more teams claim the player during that time, priority goes the team with poorest record.
Statistics
- The 2013–14 season opened with 92 international players on the opening night rosters, representing 39 countries and over 20% of the league. (en.wikipedia.org)
- The 2013–14 season opened with 92 international players on the opening night rosters, representing 39 countries and over 20 percent of the league. (en.wikipedia.org)
- The opening game of the 2020 Finals between the Los Angeles Lakers and Miami Heat brought in only 7.41 million viewers to ABC, according to The Hollywood Reporter. (en.wikipedia.org)
- An estimated 800 million viewers watched the [105]2017–18 season. (en.wikipedia.org)
- Williams would 'likely' accept a deal worth $14-15M/year; Celtics are 'unlikely' to offer such a deal (HoopsHype) (bleacherreport.com)
External Links
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- Yahoo Mail, Weather and Search. Politics, News, Finance, Sports & Videos.
- NBA Finals game 1 sees the lowest viewing in recorded ratings history
How To
How do I buy an NBA jersey
Buying an NBA jersey is easy, especially with the number of online retailers that specialize in selling official team merchandise. It is important to research the quality and size of your jerseys before you make a purchase.
There are a few things you should remember when buying your NBA jersey online. First, it's important to pick the right size. You can check the sizing charts for your team to see if the jerseys are measured in inches or millimetres. You should choose the best size for you, but leave enough room in the chest.
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Before you make your purchase, be sure to read through customer reviews. This will let you know how the retailer treats customers. Before you shop at an online store, compare the prices of other stores.
