Charlotte Hornets majority stake purchase finalized
After 13 years, Michael Jordan’s time as the majority owner of the Charlotte Hornets has come to an end. The majority stake of Hornets Sports & Entertainment will now belong to a group led by Gabe Plotkin and Rick Schnall following the NBA Board of Governors’ approval of the sale. Jordan will still remain a minority shareholder in the franchise in addition to serving as the organization’s alternate governor.
This is not the first foray into NBA governorship for Plotkin and Schnall. Plotkin originally held a minority stake in the franchise before making the move to become part of a majority-owning group. Additionally, Plotkin served on the NBA Board of Governors dating back to 2019 as an alternate governor. Schnall was also an alternate governor on the Board of Governors while previously holding a minority stake in the Atlanta Hawks franchise. They said the following thing in regard to their vision for the future of the franchise.
"“Our vision is to take the Hornets to the next level, both on and off the court. We will look to build a highly competitive basketball team, develop innovative business practices, give back to our community and connect with our fans. We plan to further invest in the team, the facilities and the fan experience, with the goal of delivering a winner to our fans throughout the Carolinas. We are confident that our successful business backgrounds and our previous experience as NBA minority owners will be beneficial as we shape the future of the franchise as a best-in-class organization.”"
This is exactly the type of thing that everyone wants to hear when the controlling interest of a franchise changes hands. A commitment to the success of the team in addition to the local community shows a level of awareness that is required when taking over a sports team. Mentioning their previous tenures as minority shareholders should hopefully lead to the fanbase believing that the right people are in place as they have some level of experience in this arena.
After stating that his time as the Hornets’ majority owner was an honor, Jordan would go on to mention moments of pride he felt while stating his confidence in the new majority shareholding group.
"“I’m proud of all that the organization accomplished: the exciting on-court moments, the return of the Hornets name, Charlotte hosting the 2019 NBA All-Star Game and HSE becoming a true pillar of this community. Through the years, the unwavering commitment, passion and loyalty of our Hornets fans has been incredible. As I transition into a minority ownership role, I’m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick. I know the Hornets organization is in great hands moving forward. I’m excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead.”"
It is a new era of Hornets basketball in Charlotte and it certainly sounds like they have the right people in place to guide the future of the franchise. Will it be a successful change? Only time will tell.
