Michael Jordan

Michael Jordan is divesting himself From Charlotte Hornet’s ownership.

Michael Jordan (AP) CHARLOTTE, N.C. The NBA’s 30 teams will have zero Black majority ownership when Michael Jordan completes an agreement to sell the bulk of his stake in the Charlotte Hornets, the organization announced on Friday.

Michael Jordan is selling to a consortium that includes Gabe Plotkin and Rick Schnall, according to the Hornets. Since 2019, Plotkin has held a minority share in the Hornets. Schnall is selling his stake as a minority owner in the Atlanta Hawks, a team he has had a stake in since 2015.

The length of time it will take for the NBA Board of Governors to finalize the selling process is unclear. Jordan bought the Hornets in 2010 for roughly $275 million, and he intends to maintain a minority position in the franchise.

After 13 years as CEO, Jordan has decided to sell the company.

While it’s excellent that one of our all-time greats, Michael Jordan, was able to become a team’s major governor, Silver indicated earlier this month at the NBA Finals that Jordan has the right to sell the franchise if he so chooses. According to him, “values have gone up a lot since he bought that team, so that is his decision.”

Silver also mentioned the need of ownership diversity in the same news conference at the championships.

Silver expressed a desire for “better representation in terms of principal governors,” saying, “I would love to have better representation.” It’s a commercial district. If the league were growing, it could devote more resources to this issue, but when it comes to trades between individual teams, “the market takes us where we are.”

However, ESPN reported, citing unnamed sources, that the franchise was being appraised at $3 billion. The most recent sale of an NBA team occurred in December, when Mat Ishbia purchased the Phoenix Suns for $4 billion.

Michael Jordan’s representative, Estee Portnoy, declined to comment on the sale.

Despite Michael Jordan’s stellar playing career (NC state champion, two-time Olympic gold medalist, six-time NBA champion, perennial candidate for greatest player of all-time), his Hornets teams were never championship contenders.

With him at the helm, Charlotte posted a 423-600 record over the course of 13 seasons, good for 26th best in the league. It hasn’t made the playoffs in the last seven years and has never won a postseason series during that span.

Several local Charlotte investors, including Amy Levine Dawson and Damian Mills, are also part of the new possible Hornets ownership group, pending permission. They join recording artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway, and the rest of the group.

In addition to the Hornets, HSE is selling the Greensboro Swarm of the NBA G League and the Hornets Venom GT of the NBA 2K League, as well as the rights to manage and operate the Spectrum Centre.

The news that Michael Jordan, a native of Wilmington, North Carolina, had purchased the team’s majority stake made headlines throughout the world.

Michael Jordan was concerned about the Hornets’ poor performance. He initially hinted at wanting out of NBA ownership in 2020 when he sold a minority stake to Plotkin and Sundheim.

The Hornets have the second overall choice in the NBA draught after a 27-55 season marred by injuries. Assuming Victor Wembanyana goes first on Thursday night, Charlotte will have to decide between G League all-star guard Scoot Henderson and Alabama’s Brandon Miller as the second overall pick.

Charlotte boasts LaMelo Ball as its top player and several solid veterans to build around in Terry Rozier, Gordon Hayward, P.J. Washington, and especially last year’s promising rookie at centre, Mark Williams.

As an owner, Jordan took a lot of heat for failing to invest heavily enough in free agency to make the Hornets a contender.

The club he took over in 2010 had won 44 games the year before but were swept in the first round by the Orlando Magic.

From then, things started to worsen:

In Michael Jordan’s first season, the Bobcats of Charlotte went 34-48, and the following year they went 7-59, good for the worst record in the NBA. Charlotte’s terrible record wasn’t enough to get the top pick in the NBA draught lottery and secure the services of Anthony Davis.

In 2013–14, Charlotte returned to the postseason, but this time they were swept by the Miami Heat. Two years later, despite having a better record (48 wins) than the Heat (44 losses), the Hornets were eliminated in the first round once again.

Since then, Jordan’s Hornets have only had one winning season and twice have been eliminated from the play-in tournament at the 10 seed level.

Charlotte has never won an NBA title and hasn’t even won a playoff series since the 2001-02 season.

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