Michael Jordan’s decade-long ownership of the Charlotte Hornets is coming to an end as the NBA’s board of governors has officially approved the sale of the team. The $3 billion deal, led by Rick Schnall and Gabe Plotkin, is set to be finalized in the coming weeks, with Jordan retaining a minority stake in the club.
The news of the sale’s approval comes after months of negotiations and discussions between Jordan and Plotkin and Schnall. Jordan originally acquired the majority stake in the Hornets for $275 million in 2010, but despite his legendary status as a player, his time as an owner has been marked by underwhelming team performance.
Under Jordan’s ownership, the Hornets have had only three winning seasons and two playoff berths, making them one of the league’s underperforming teams. However, hope for a brighter future lies in the hands of young talents like LaMelo Ball, the talented point guard recovering from an ankle injury, and rookies Brandon Miller and Nick Smith Jr., who were added to the roster through the draft.
Despite the challenges, the Hornets’ value has seen a remarkable increase of $1.3 billion over the past decade, according to Forbes. The new ownership group aims to capitalize on the team’s potential and turn their fortunes around.
With Ball expected to be a cornerstone for the team once he regains full health, and the addition of promising rookies, the Hornets are looking to build a competitive roster. The reintegration of restricted free agent Miles Bridges into the fold after dealing with legal issues also adds depth to the lineup, though he will be suspended for the first 10 games of the season.
As Jordan prepares to bid farewell to the Hornets, the team’s future is now in the hands of Plotkin, Schnall, and the new ownership group. With their approval secured, they are ready to steer the franchise towards a more successful era in Charlotte basketball.
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Written by:
Dana Sterling-Editor
