CHARLOTTE, N.C. — It's the end of an era in Charlotte sports as NBA icon Michael Jordan is selling his majority stake in the Hornets franchise.
Jordan took over as the team's majority owner in 2010 but he had a small piece in Charlotte's NBA franchise for several years before taking the plunge into being the team's primary owner. Forbes valued the Hornets at $1.7 billion last year, a far cry from the estimated $7 billion worth of the Golden State Warriors.
Current minority owner Gabe Plotkin and Hawks minority owner Rick Schnall are heading a group that includes North Carolina natives J. Cole and Eric Church in buying Jordan's majority ownership stake. Jordan will remain with the franchise as a minority partner and plans to oversee basketball operations through the upcoming NBA draft and free agency in July.
Jordan's basketball history in North Carolina speaks for itself. He led the Tar Heels to a national championship and he went on to become the NBA's greatest player with six championships, 14 All-Star appearances and five NBA MVP awards.
His time as an owner wasn't nearly as successful, with Charlotte only reaching the playoffs twice under his watch.
Timeline: Michael Jordan's Hornets ownership
June 15, 2006: The then-Charlotte Bobcats announce that Jordan is joining the organization as a minority owner. Behind team founder Bob Johnson, Jordan was the largest individual owner of the franchise and was granted the final say on basketball decisions.
March 27, 2010: Jordan purchases the Bobcats from Johnson for $275 million. Jordan was just the second Black owner of a major pro sports team, following Johnson, who remained with the team as a minority investor. The Bobcats won their first game with Jordan as majority owner, defeating Oklahoma City 100-92.
May 21, 2013: The Bobcats announced they will be renamed the Charlotte Hornets starting with the 2014 season.
Oct. 29, 2014: Charlotte hosts Milwaukee in the franchise's first game since being renamed the Hornets. Jordan asked the NBA for the name when New Orleans renamed its franchise the Pelicans.
Sept. 14, 2019: Jordan sells a small piece of the Hornets to Plotkin and Daniel Sundheim. He remained the majority owner of the franchise.
March 16, 2023: ESPN's Adrian Wojnarowski reports that Jordan is considering selling his majority share in Charlotte's NBA franchise. The report states Jordan was in "serious talks" with Plotkin and Schnall about taking over the organization.
June 16, 2023: The Hornets announce that Jordan was selling his majority interest in the franchise. He will remain with the organization as a minority partner and will oversee basketball operations until the new owners take over the club.
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