Michael Jordan’s 13-year majority ownership tenure with the Hornets has come to an end.
The six-time NBA champion’s sale of his Charlotte stake to Gabe Plotkin and Rick Schnall was finalized on Thursday, the team announced.
“The opportunity to be the majority owner of the Charlotte Hornets in my home state of North Carolina for the last 13 years has been a tremendous honor,” Jordan said in the Hornets’ statement.
“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.”
Jordan will remain involved with the organization as a minority owner.
Plotkin and Schnall will take over as co-chairmen, rotating the squad’s governorship every five years.
“As lifelong fans of the game of basketball and the NBA, we’re well aware of the importance of the sport in the Carolinas and we’re thrilled to take a controlling stake in the Hornets,” Plotkin and Schnall said in the statement.
“We’re excited about the organization’s future. Charlotte is a great city and a thriving sports town.”
Schnall, who will start as the team governor, previously was a minority owner of the Atlanta Hawks and, since 2015, an alternate governor of the NBA Board of Governors.
Plotkin has been part of the Charlotte franchise since 2019 when he acquired a minority stake and has also been an alternate governor of the NBA Board of Governors.
“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,” the co-chairmen said.
“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.”
The Hornets’ seven-season playoff drought is the longest in the NBA and they never won a playoff series under Jordan’s ownership.
The team will now look to build around forward Brandon Miller, the No. 2 pick overall in the 2023 NBA Draft.
Miller’s offensive versatility and crafty ball-handling is projected to pair well with Charlotte point guard LaMelo Ball, the No. 3 pick overall in 2020.
