In a significant development for the Charlotte Hornets, Michael Jordan has finalized the sale of a majority stake in the team. The new ownership group, led by Rick Schnall and Gabe Plotkin, will now take control of the franchise. Former superstar and NBA legend, Jordan, will retain a minority stake in the team. This transition marks the end of Jordan’s 13-year tenure as the majority owner of the Charlotte Hornets. The sale was approved by the NBA’s board of governors with an overwhelming 29-1 vote. The valuation of the purchase is estimated to be around $3 billion, a considerable increase from Jordan’s original investment of $275 million in 2010.
Successful and Strategic Leaders
Expressing his delight in passing on the responsibility, Jordan praised Schnall and Plotkin as two accomplished and innovative individuals. The former owner expressed confidence in the new leadership, stating that the Hornets organization is in excellent hands. Jordan further emphasized his continued commitment to supporting the team and the community in his forthcoming role. It is clear that Jordan has faith in the vision of the new owners and their ability to steer the franchise towards success.
Building on Jordan’s Legacy
Schnall and Plotkin, in a joint statement, expressed their gratitude towards Jordan and his support throughout the transition process. The new ownership group acknowledged Jordan’s contributions to the Hornets, including bringing stability, achieving business milestones, as well as investing in and reconnecting with the Charlotte community. They outlined their shared vision to elevate the Hornets to the “next level” both on and off the court.
A Promising Future Ahead
The new owners have outlined their plans to propel the Hornets to greater heights. They expressed their intent to build a highly competitive basketball team while implementing innovative business practices. Additionally, the new ownership group emphasized their commitment to giving back to the community and creating an improved fan experience. They affirmed their dedication to investing in the team, facilities, and overall fan engagement. The ultimate goal is to deliver a winning team and establish the Hornets as a best-in-class organization.
Experience and Expertise
Rick Schnall, a former minority owner of the Atlanta Hawks, brings years of experience to his role as co-chairman of HSE. Serving as the alternate governor on the NBA’s board of governors since 2015, Schnall has been actively involved in various aspects of team-building and arena renovations. Alongside Schnall, Gabe Plotkin, the founder and chief investment officer of Tallwoods Capital LLC, will also serve as co-chairman and alternate governor for the Hornets. Plotkin originally acquired a minority stake in the team in 2019 and has since made valuable contributions.
A Diverse Ownership Group
In addition to Schnall and Plotkin, the Hornets’ new ownership group boasts an impressive lineup of individuals. The group includes Chris Shumway, Dan Sundheim, Ian Loring, Andrew Schwartzberg, and Dyal HomeCourt Partners. Notably, the ownership group also features recording artist J. Cole and country music singer-songwriter Eric Church, both of whom hail from North Carolina. Furthermore, several local Charlotte investors, such as Amy Levine Dawson and Damian Mills, have invested in the franchise.
As Michael Jordan steps down as the majority owner of the Charlotte Hornets, a new era begins for the franchise. With Rick Schnall and Gabe Plotkin at the helm, the Hornets will strive for greatness on and off the court. The new ownership group’s commitment to community engagement, innovation, and success will undoubtedly shape the future of the organization. The Charlotte Hornets and their loyal fans can expect exciting times ahead as the team embarks on this new chapter.
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