Jordan Sells Majority Stake in Hornets, Leaving NBA Without Black Majority Owner

Sun Jun,2023
Jordan Sells Majority Stake in Hornets, Leaving NBA Without Black Majority Owner Basketball

Basketball legend Michael Jordan, who is usually known for his illustrious career and six NBA championships, has agreed to sell a majority stake in the Charlotte Hornets, the team he currently owns, to a group led by Gabe Plotkin and Rick Schnall. The announcement was made by the Hornets on Friday. 

Jordan acquired the Hornets in 2010 and will retain a minority stake in the team, meaning he will still have some ownership involvement. The exact sale price has not been disclosed to the public. Plotkin and Schnall are partners at the private equity firm Permira and have previously invested in other sports teams like the New York Knicks and the Minnesota Timberwolves.

MichaelMichael Jordan selling a majority ownership stake.  SOURCE: Twitter@action network

This decision by Jordan to sell the Hornets unfortunately means that the NBA will no longer have any Black majority owners. Jordan was the only Black majority owner among the league's 30 teams.

In a statement, Jordan expressed his pride in the accomplishments he and the Hornets achieved together. During his ownership tenure, the team reached the playoffs four times and successfully built a strong and dedicated fan base in Charlotte. "I am proud of what we have accomplished together," said Jordan. "I want to thank the city of Charlotte for its support and Hornets fans everywhere for their passion." 

Plotkin and Schnall, the incoming owners, conveyed their excitement about acquiring the Hornets and their commitment to building a team that can contend for championships. "We are thrilled to become the new owners of the Charlotte Hornets," said Plotkin. "We have a great team in place, and we are committed to building a championship-contending franchise."

The sale of the Hornets reflects the ongoing changes in ownership occurring across NBA teams. In recent years, various teams like the Brooklyn Nets, Los Angeles Clippers, and Milwaukee Bucks have been sold to new owners.

Additionally, this sale highlights the NBA's growing popularity as a professional sports league. With increasing TV ratings in recent years, the NBA has emerged as the most popular professional sports league in the United States.