Charlotte Hornets Franchise Valuation Sports Illustrated Charlotte Hornets News, Analysis and More

Table Of Content

• Wizards vs. Heat: Injury Injury Report, Starting Lineups & Where To Watch (3-10-
• LaMelo (ankle) expects to be ready for training camp
• Tracking the top names entering the 2023-2024 women's college basketball transfer portal as March Madness begins
• Michael Jordan’s sale of majority ownership of Hornets finalized
• Jordan’s ‘Dream Team’ jacket heading to auction
• Michael Jordan sells minority stake in Hornets Sports & Entertainment

Other members of the new potential Hornets ownership group — pending the approval — are recording artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway and several local Charlotte investors, including Amy Levine Dawson and Damian Mills. Once the sale is complete, Michael Jordan plans to keep a minority stake and maintain a presence with the franchise. According to the Hornets, the group buying a majority share will also include Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, North Carolina natives recording artist J. Cole and country music singer-songwriter Eric Church, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.

Wizards vs. Heat: Injury Injury Report, Starting Lineups & Where To Watch (3-10-

Plotkin, who will serve as Co-Chairman & Alternate Governor, originally acquired a minority stake in the Hornets in 2019. Plotkin is the founder and chief investment officer of Tallwoods Capital LLC. Jordan is selling to a group led by Gabe Plotkin and Rick Schnall, the Hornets said. Schnall has been a minority owner of the Atlanta Hawks since 2015 and is in the process of selling his investment in that team. (AP) — Michael Jordan is finalizing a deal to sell the majority share of the Charlotte Hornets, the franchise announced Friday, leaving the 30-team NBA without any Black majority ownership. Retired basketball superstar Michael Jordan is selling his majority ownership of the Charlotte Hornets to an investment group led by Gabe Plotkin and Rick Schnall, the team announced Friday.

LaMelo (ankle) expects to be ready for training camp

Michael Jordan selling majority stake in Charlotte Hornets - Charlotte Observer

Michael Jordan selling majority stake in Charlotte Hornets.

Posted: Fri, 16 Jun 2023 07:00:00 GMT [source]

This is Jordan’s fourth year as a team owner for 23XI, a joint venture with three-time Daytona 500 winner Denny Hamlin. Reddick and the team’s other driver, Bubba Wallace, have won races before, as has Kurt Busch, a former 23XI driver. However, Jordan had never been on site for one of the victories (though he frequently attends races). TALLADEGA, Ala. — Michael Jordan finally celebrated a NASCAR Cup Series win in person for the first time as a team owner, watching driver Tyler Reddick race to victory lane at Talladega Superspeedway on Sunday. The Charlotte Hornets are coming off of yet another disappointing season.

Tracking the top names entering the 2023-2024 women's college basketball transfer portal as March Madness begins

Mr. Beast, Charlotte Hornets Agree to Jersey Patch Sponsorship Deal article feature image - The Action Network

Mr. Beast, Charlotte Hornets Agree to Jersey Patch Sponsorship Deal article feature image.

Posted: Mon, 02 Oct 2023 07:00:00 GMT [source]

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. Perhaps one of the most important decisions Michael Jordan made as the owner of the Hornets was to draft LaMelo Ball. The youngest of the Ball brothers is definitely the most talented and Jordan landed his contract during the draft. Also, the legendary Chicago Bulls star managed to position the team as one of the biggest brands in the world.

MJ's 'Flu Game' sneakers auctioned for $1.38M323dDan Hajducky

Jordan has earned much more than that with only his investment with the Hornets. Jordan also has various other investments, his shoes which still earn him millions to this day, endorsements, and so on. But none of them have added as much value as the Charlotte-based team.

Michael Jordan considering sale of $1.7bn Charlotte Hornets

It’s clear Jordan’s on-court success in Charlotte hasn’t been what everyone had hoped since taking over in 2010. Accusations of nepotism, low spending, lack of engagement, and poor decision-making have followed Jordan closely. However, if you speak to staff within the Hornets organization and they will tell you that Charlotte made major improvements off the court. Connecting with the local community, ticket sales, bringing the Hornets name back to Charlotte, and creating a better overall working environment. Unfortunately, in pro sports, if the team isn’t winning then all the other progress gets thrown out the window and forgotten about. Schnall has been a minority owner of the Atlanta Hawks and also has served as the alternate governor on the NBA Board of Governors since 2015.

Michael Jordan’s sale of majority ownership of Hornets finalized

According to ESPN's Adrian Wojnarowski, Michael Jordan is finalizing a sale of the Hornets to a group led by Gabe Plotkin and Rick Schnall. Jordan had previously sold a minority stake in the Hornets to Plotkin. That said, Jordan has been a lifelong NASCAR fan who attended races as a youth growing up in North Carolina. He became friends with Hamlin when the driver had Charlotte Hornets courtside season tickets and they decided to jointly start a NASCAR team in 2020 (and debuted with Wallace at the 2021 Daytona 500).

Jordan’s ‘Dream Team’ jacket heading to auction

In that same news conference at the Finals, Silver said the Board of Governors are focused on diversity in ownership groups. In 2019, Jordan sold a portion of the Hornets to Plotkin, a founder of Melvin Capital, and Daniel Sundheim of DI Capital, but he still controls the vast majority of the team’s equity. Schnall owns a share of the Atlanta Hawks and is in the process of selling that share. He is co-president of Clayton Dubilier & Rice, a private equity firm based in New York. Plotkin is a hedge fund manager, investor, and former Chief Investment Officer of Melvin Capital.

Michael Jordan sells minority stake in Hornets Sports & Entertainment

When Jordan bought the Hornets back in 2010, he was one of the richest athletes of all time, but not the richest. It reached a point where Jordan’s net worth crossed a billion, the first athlete to ever earn a billion dollars. Michael Jordan is one of the richest athletes in the world and he is also the owner of the Charlotte Hornets. He was an investor in 2006 and he later bought out the owner in 2010. Jordan is the world’s first athlete billionaire and his acquisition of the Hornets helped him reach that mark.

The most recent sale of an NBA franchise was in December 2022, with Matt Ishiba purchasing a controlling stake in the Phoenix Suns and Mercury for around $4 billion. Now, normally it wouldn’t be a huge deal for any athlete to get tattoos. He was furious several years ago when he saw that his middle son, LiAngelo, was heavily tatted. The reality is that Bronny might not show up on an NBA roster next season even if he does stay in the draft.

Jordan sold a small stake in the franchise in 2019 to founder and chief investment officer of Melvin Capital, Gabe Plotkin and DI Capital founder Daniel Sundheim. It’s not clear how long the process of selling will take to be finalized by the NBA’s Board of Governors. Jordan plans to keep a minority stake in the Hornets, the team he bought in 2010 for about $275 million. Jordan, who will retain a minority stake in ownership, bought the Hornets in 2010 at a $180 million valuation and likely will sell his share at a nearly $3 billion valuation. Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall for an approximately $3 billion valuation, according to league sources. When Jordan, who grew up in Wilmington, North Carolina, purchased majority ownership in the team, it created a great amount of buzz.

Since Jordan's initial investment in the franchise in 2006, the Hornets have posted a winning record just four times in 17 seasons. They have advanced to the playoffs on just three occasions, losing in the first round each time. 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.

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. 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. The Hornets are coming off an injury-plagued season and hold the No. 2 pick in the NBA draft. Victor Wembanyama 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.