The NBA’s Board of Governors has approved the sale of the Charlotte Hornets, signaling the end of Michael Jordan’s 13-year ownership. The sale, valued at approximately $3 billion, was approved by a 29-1 vote, with only New York Knicks owner James Dolan dissenting, according to Adrian Wojnarowski.
Jordan, who purchased the franchise in 2010 when it was called the Charlotte Bobcats, will retain a minority ownership stake after the sale. He was the league’s only Black majority owner and the most successful former player to own a team. The new owners include Rick Schnall and Gabe Plotkin, with Schnall previously a minority owner of the Atlanta Hawks and Plotkin a minority owner of the Hornets since 2019. The ownership group also includes recording artists J. Cole and Eric Church, both based in Charlotte.
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Jordan’s ownership of the Hornets was disappointing overall. In his 13-year tenure, the team had a record of 423-600, made only three playoff appearances, and failed to win any series. The 2011-2012 season was particularly abysmal, with the then-Bobcats setting the record for the worst NBA season with a 7-59 record. One notable achievement during Jordan’s ownership was reclaiming the Hornets’ name and franchise records.
Last season, the Hornets finished with a 27-55 record, the fourth-worst in the league. They secured the No. 2 overall pick in the 2023 NBA Draft and selected Brandon Miller from Alabama. The choice was somewhat controversial as Scoot Henderson was still available, but the Hornets are looking towards the future with an exciting young duo in Miller and LaMelo Ball.
