After 13 years of ownership, Michael Jordan has officially sold a majority stake in the Charlotte Hornets. The sale, which was finalized on Thursday, sees the team being passed on to a group led by Rick Schnall and Gabe Plotkin. This new ownership group, consisting of successful and strategic leaders, is set to take the reins and guide the Hornets into a new era of success.
While Jordan may no longer hold a majority stake in the team, he will remain involved as a minority owner. In a statement, he expressed his excitement about the future of the organization and his commitment to supporting the team and the community in his new role. Jordan’s tenure as majority owner brought stability and accomplishments to the Hornets franchise, and his influence will undoubtedly continue to shape the team’s trajectory.
The purchase of the majority stake in the Hornets was made at a valuation of approximately $3 billion. This significant investment highlights the perceived potential and value of the franchise. Furthermore, the NBA’s board of governors, responsible for approving ownership changes, gave the green light to the new ownership group with an overwhelming 29-1 vote. This endorsement is a testament to the confidence placed in Schnall and Plotkin’s leadership abilities.
Schnall and Plotkin, now serving as co-chairmen of HSE (Hornets Sports & Entertainment), have shared their vision for the future. Their goal is to take the Hornets to the next level, both on and off the court. They aim to build a highly competitive basketball team while implementing innovative business practices. Additionally, they intend to create a meaningful impact in the community and enhance the fan experience. With their successful backgrounds in business and previous experience as NBA minority owners, they are optimistic about transforming the franchise into a best-in-class organization.
Rick Schnall, a former minority owner with the Atlanta Hawks, brings considerable experience and insight to the table. He has been involved in various aspects of team-building processes and played a role in the renovations of State Farm Arena. Additionally, Schnall has served as the alternate governor on the NBA’s board of governors since 2015. With 27 years of work at Clayton, Dubilier & Rice LLC, Schnall’s expertise will be crucial in guiding the Hornets towards success.
Gabe Plotkin, the co-chairman and alternate governor of HSE, acquired a minority stake in the Hornets in 2019. As the founder and chief investment officer of Tallwoods Capital LLC, Plotkin brings extensive financial knowledge and strategic thinking to the new ownership group. Like Schnall, Plotkin has been an alternate governor on the league’s board of governors since 2019. His insights and leadership will undoubtedly contribute to the growth and development of the franchise.
The Hornets’ new ownership group is not limited to Schnall and Plotkin. It also features a diverse range of individuals, including Chris Shumway, Dan Sundheim, Ian Loring, Andrew Schwartzberg, and Dyal HomeCourt Partners. Notable celebrities, such as recording artist J. Cole and country music singer-songwriter Eric Church, both hailing from North Carolina, have also joined the ownership group. Additionally, the inclusion of several local Charlotte investors, including Amy Levine Dawson and Damian Mills, highlights the commitment to the community and the desire to build a strong local presence.
With the transition of ownership complete, all eyes are now on the future of the Charlotte Hornets. The new leadership group’s vision, experience, and commitment to success are promising signs for the franchise. As fans, we can anticipate exciting changes, both in terms of the team’s performance on the court and their impact off the court. The Hornets are poised to ascend to new heights under the guidance of Schnall, Plotkin, and the rest of the ownership group. The dawn of a new era is upon us, and the future looks bright for the Charlotte Hornets.
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