On Saturday, it was confirmed that Charlotte Hornets’ owner Michael Jordan plans on selling a portion of the team to investors.
With the Charlotte Hornets ready to begin the 2019-20 season in a month, eye-opening news has now surfaced about the team. On Saturday, it was reported that Michael Jordan plans to sell a portion of the team to investors.
According to the Charlotte Hornets, Jordan has agreed to sell a portion of the team to a pair of investors. This sale has to be approved by the league, and the terms of the deal have not been released to the public yet.
Hornets Sports & Entertainment Chairman, Michael Jordan, has announced that Gabe Plotkin, Founder and Chief Investment Officer, Melvin Capital, and Daniel Sundheim, Founder and Chief Investment Officer of D1 Capital, will join HSE as partners. Read more: https://t.co/DaiXEpAKEF pic.twitter.com/6q65mYqBvQ
— Charlotte Hornets (@hornets) September 14, 2019
The two investors that Jordan is bringing in are Gabe Plotkinl and Daniel Sundheim. Plotkinl is a founder of Melvin Capita, while Sundheim is a founder of DI Capital. While Jordan is bringing in these two, he has made it known that he does not intend to give up the final majority of the team.
Jordan stated that both of these investors share his commitment to Charlotte and the Carolinas, and that he looks forward to working with and learning from them.
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With this sale, Michael Jordan plans to continue making decisions for the Hornets, as well as remaining the team’s league Governor. Jordan has been the owner of the Hornets since he bought the team in 2010.
Since Jordan has become the owner of the Hornets, his team has only made two playoff appearances. During these appearances in the playoffs, the Hornets have only faced the Miami Heat; a team that they lost to both times in the first round.
Even with the lack of playoff appearances from the Hornets, the team also lost their best player in franchise history during this year’s offseason. The loss of Kemba Walker hurts the team, and his exit could lead to a full rebuild.
Michael Jordan is easily the best player in NBA history, but the lack of production from Charlotte may be what causes him to cut ties with the Hornets.
An owner such as Michael Jordan demands results, and it’s unclear what the team plans to do in the future. General Mitch Kupchak has not stated that the Hornets are starting a rebuild, as he believes he has a team of talented young players.
With Jordan selling a portion of the team to other investors, Jordan’s full intentions are still unknown. Jordan wants to stay in charge of the team, but fans do not know how long that will last after his recent sale.
Jordan recently pledged to donate $1 million to hurricane relief efforts in the Bahamas. He has consistently represented the Hornets at many Charlotte-based charities; last year Jordan assisted with relief efforts for victims of Hurricane Florence.