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The Hornets managed to get it right in 2023 when they ignored the hype of Scoot Henderson in light of Brandon Miller, as Miller’s rookie campaign was the lone bright spot of the season. Charlotte will have to continue to replicate that draft success for a second year in a row in order to make any drastic changes. This is a young team that is still missing several key pieces, and they are going to need all of the help that they can get, should they hope to compete. This draft pick presents yet another opportunity for the Hornets to dust themselves off and field a more competitive roster, but they have to make the most of the hand that they are dealt. "In the same way that it's wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time," Silver said.
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Once the sale is complete, Jordan will keep a minority stake and maintain a presence with the franchise. Charlotte — still the Bobcats at the time — was in its first year under Jordan and then an NBA-worst 7-59 the following year. But despite the abysmal record, Charlotte failed to land the No. 1 pick in the NBA draft lottery and Anthony Davis. Once the sale is complete, Michael Jordan plans to keep a minority stake and maintain a presence with the franchise. The Charlotte Hornets are coming off of yet another disappointing season.
Michael Jordan selling majority ownership stake in Charlotte Hornets
He is the league’s only Black majority owner, even though most of its players are Black men. Michael Jordan, the owner of the Charlotte Hornets and one of the world’s most storied athletes, has agreed to sell his majority share in the N.B.A. team to a group led by Gabe Plotkin and Rick Schnall, two private equity investors. The sale price was not immediately announced; ESPN, citing sources, said the franchise was being valued at $3 billion. The most recent sale of an NBA team came when Mat Ishbia bought the Phoenix Suns, a deal that when struck in December valued that franchise at $4 billion. If you didn’t know by now, the Hornets are one of the worst teams in the NBA when it comes to defending the deep ball, and have been for a while.
Michael Jordan to Sell $3 Billion Hornets Stake to Plotkin
In April, the former Milwaukee Bucks co-owner Marc Lasry sold his share of the Bucks to the Cleveland Browns owners Jimmy and Dee Haslam. The Bucks were valued at $3.5 billion as part of the deal, according to a person familiar with the agreement. “I would love to have better representation in terms of principal governors,” N.B.A. Commissioner Adam Silver said in a news conference before the N.B.A. finals.
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The sale ends Jordan’s 13-year run as the majority owner of the team, which he bought in 2010 for $275 million. The basketball legend will keep a minority stake in the Hornets after the deal, according to a statement on Friday. Jordan is selling to a group led by Gabe Plotkin and Rick Schnall, the Hornets said.
Michael Jordan finalizes sale of Charlotte Hornets - WSOC Charlotte
Michael Jordan finalizes sale of Charlotte Hornets.
Posted: Fri, 16 Jun 2023 07:00:00 GMT [source]
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In the seven years since, Jordan’s Hornets have had only one winning season and have twice exited early in the play-in tournament as the 10 seed.
Who else is part of the group buying a majority share?
That was a slightly controversial choice with Scoot Henderson still on the board, but regardless the Hornets will go into the future with an interesting young duo in Miller and LaMelo Ball. In that same news conference at the Finals, Silver said the Board of Governors are focused on diversity in ownership groups. Miller’s play required constant revisions to the franchise’s record books, as he often reached milestones that hadn’t been touched since the days of Larry Johnson, Alonzo Mourning and Rex Chapman.
In June 2022, the city approved a $275 million deal to renovate Spectrum Center, home of the Hornets, and extend the team’s lease until 2045. Michael Jordan sold his majority stake in the Hornets, which he has held since 2010. The Hornets are coming off an injury-plagued season and hold the No. 2 pick in the NBA draft. Victor Wembanyana is expected to go first overall on Thursday night, leaving Charlotte with the choice of either G League star guard Scoot Henderson or Alabama’s Brandon Miller. During his NBA Finals news conference, Commissioner Adam Silver was asked about the status of a sale. Jordan is arguably the greatest professional basketball player to ever live.
Michael Jordan selling Charlotte Hornets after 13 years as majority owner
Having won just 48 games throughout the past two years, there are a lot of things that one can point to when assessing what’s wrong with this franchise. It's rare for NBA teams to go on sale, but when they do they fetch big bucks. As part of the transaction, Plotkin, Schnall and the other investors will also take majority control of the Hornets' farm team, the Greensboro Swarm.
Utilizing the 2024 pick properly, whether that be through trading it to acquire further value, or by using it to select a prospect who can make an immediate impact, will be imperative to Charlotte’s success. Injuries will always carry with them an aspect of misfortune and uncertainty, they will never be completely preventable. However, with LaMelo Ball now openly discussing his consideration of wearing ankle braces, it may be time to have him do whatever is necessary. Having only played 58 games throughout the past two years, Ball’s presence, or lack thereof, will continue to make or break this team. Despite Jordan's investment and influence, Charlotte has made the postseason only twice since 2010. Jordan, the former star of the Chicago Bulls, purchased the team in 2010.
Easily Miller’s most prized personal moment of the season was facing his idol and nine-time All-Star wing Paul George of the LA Clippers. Having sat out the first meeting in late December, Miller was eagerly awaiting the season series finale at home on March 31. Honestly, there was something genuine about his giddiness for this game, like he wasn’t too cool to show how much it meant. Though George put on a master class of shot-making and amassed a season-high 41 points in a Clipper victory, Miller more than held his own and had several nice moments himself. Take away all the big performances and honors, what Miller’s rookie season will be remembered for most is the readiness he had for the NBA game and how far ahead of the curve he looked almost immediately. Relentlessly competitive, Miller knew where to be on both ends of the floor, how to get to his spots, and what shots to take and not take.
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