**Michael Jordan to Sell Majority Share of Charlotte Hornets**
Former basketball player Michael Jordan is in the process of selling the majority share of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. Plotkin has been a minority stakeholder in the Hornets since 2019, while Schnall has been a minority owner of the Atlanta Hawks since 2015. This move leaves the NBA without any Black majority ownership.
**Jordan’s Decision to Sell**
It is currently unclear how long the selling process will take to be finalized by the NBA’s Board of Governors. However, Jordan plans to retain a minority stake in the Hornets, the team he purchased in 2010 for approximately $275 million. Jordan’s decision to sell marks the end of his 13-year run overseeing the organization, which has been largely unsuccessful.
**NBA Commissioner’s Views on Ownership Diversity**
NBA Commissioner Adam Silver has expressed the league’s focus on diversity in ownership groups, particularly the need for better representation of principal governors. While the market determines individual team transactions, the Board of Governors aims to achieve greater diversity. Silver also noted that values have significantly increased since Jordan bought the team, and selling it is ultimately the former player’s decision.
**Potential Sale Price**
The sale price of the Hornets was not immediately announced. However, sources have cited a valuation of $3 billion for the franchise. The most recent NBA team sale occurred when Mat Ishbia purchased the Phoenix Suns for $4 billion.
**New Potential Ownership Group**
Apart from Plotkin and Schnall, the new potential ownership group for the Hornets includes recording artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway, and several local Charlotte investors. Pending approval, these individuals, along with Michael Jordan, will become part of the new ownership of the team.
**Jordan’s Underwhelming Ownership Statistics**
Despite Michael Jordan’s legendary career as a basketball player, the Hornets have failed to achieve a championship level under his ownership. Charlotte had a record of 423-600 during Jordan’s 13 seasons in charge, ranking 26th among NBA teams during that period. The team never won a playoff series and has not made the postseason in the past seven years.
**Current State of the Hornets**
The Hornets are coming off a season plagued by injuries, finishing with a record of 27-55. They currently hold the second pick in the NBA draft. LaMelo Ball is the team’s biggest star, and the Hornets also have several foundational pieces to build around, including Terry Rozier, Gordon Hayward, P.J. Washington, and Mark Williams.
**Criticism of Jordan’s Ownership Style**
Jordan has faced criticism for not investing enough in free agency to make the Hornets competitive during his ownership. After taking over the team in 2010, which had won 44 games the previous year, the Hornets’ performance declined. They recorded a 34-48 record in Jordan’s first year as owner and a league-worst 7-59 the following year. Despite their poor record, the Hornets failed to secure the first pick in the NBA draft lottery and missed out on selecting Anthony Davis.
**Lack of Success in Recent Years**
In the years following their playoff appearance in 2013-14, the Hornets have had only one winning season. As the 10th seed, they have exited early in the play-in tournament twice. The team has not won a playoff series since the 2001-02 season and has yet to win an NBA championship.
In conclusion, Michael Jordan is in the process of selling the majority share of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. This move marks the end of Jordan’s unsuccessful 13-year run overseeing the team. The sale price has not been announced yet, but the franchise is estimated to be valued at $3 billion. Despite Jordan’s iconic status as a player, the Hornets have struggled under his ownership, failing to reach a championship level. The team’s recent performance has been lackluster, with only one winning season in the last seven years. The new potential ownership group includes well-known figures from various industries, and they will have the task of reshaping the organization and guiding it towards success in the future.