CHARLOTTE, N.C. — The sale of Michael Jordan’s majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall has been finalized. Hornets Sports & Entertainment announced the sale on Thursday, after it was approved by the NBA Board of Governors.
“We want to thank Michael for this opportunity, as well as his support throughout this process,” Plotkin and Schnall said. “The Hornets fan base is one of the most passionate in all of sports … We understand the Hornets are a community asset and it is our responsibility to be good stewards for this franchise representing our community and entire fan base.”
Plotkin and Schnall have a vision of taking the Hornets "to the next level” in both basketball and business practices. This will consist of further investment in the team, the facilities, and the fans. This means a stronger connection with the community and the goal of delivering a winner to fans throughout the Carolinas, the owners said.
Plotkin and Schnall will serve as co-chairmen of HSE. Schnall will start as the team’s governor and will rotate the position with Plotkin every five years. Ownership of the HSE includes the Greensboro Swarm and Hornets Venom GT, as well as managing and operating the Spectrum Center.
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Schnall had been a minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015. Plotkin originally acquired a minority stake in the Hornets in 2019 and has been an alternate governor on the NBA Board of Governors since then.
The new ownership group also includes Chris Shumway, Dan Sundheim, Ian Loring, Andrew Schwartzberg, Dyal HomeCourt Partners, North Carolina natives recording artist J. Cole and country music singer Eric Church and several local Charlotte investors.
Jordan will retain a minority ownership share of the team and will also serve as alternate governor.
“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. “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. I know the Hornets organization is in great hands moving forward.”