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Thanks to their business dealings prior to the trade deadline, they should have plenty of flexibility in free agency. If Miles Bridges returns they will have full use of the Mid-Level Exception $12.9 Million per year and the Bi-Annual Exception $4.6 Million per year. If Bridges were to leave, they could free up to $20 million in CAP space. Factor in the likelihood that the team ends up with an early draft pick, and there’s no reason to suggest that they won’t have several options moving forward. Regardless of the means of acquisition, defensive prowess needs to be a top priority for the Hornets this offseason when assessing potential talent. If you didn’t know by now, the Hornets are one of the worst teams in the NBA when it comes to defending the deep ball, and have been for a while.
Hornets Closing in on Head Coach, Who Should They Choose?
Once the sale is complete, Jordan will keep a minority stake and maintain a presence with the franchise. In addition to Plotkin and Schnall, the new ownership group also includes Chris Shumway, Dan Sundheim, Ian Loring, Andrew Schwartzberg, 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, among others. Michael Jordan is selling a majority stake in the NBA’s Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall for $3 billion, according to people familiar with the matter. In the 13 years under Jordan's ownership, the Hornets/Bobcats have struggled for on-court success and have had one of the lowest crowd attendances in the league. ESPN's Adrian Wojnarowski broke the news that Jordan is finalizing a sale of the Hornets, ending a 13-year run as majority owner.
League & team records
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.
Sources: Michael Jordan agrees to sell Hornets stake for $3B
It’s not foremost, at least any longer, in LeBron James’ mind,” Wojnarowski said. “We got to celebrate with Michael here winning in his car,” Hamlin said. “These are certainly important memories that these men and women (on the team) are going to experience for a very long time.
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.

Plotkin and Schnall will serve as Co-Chairmen of HSE and will rotate the team’s governorship every five years, beginning with Schnall. Utilizing the 2024 pick properly, whether that be through trading it to acquire further value, or by using it to select a prospect who can make an immediate impact, will be imperative to Charlotte’s success. While the front office may not be able to revitalize the club overnight, simply addressing the issues at hand would go a long way here. Charlotte has a promising young core, but it has some decisions to make in regards to how they should build around it moving forward.
Michael Jordan's £1.3bn net worth set for huge drop as NBA icon sells Charlotte Hornets - Express
Michael Jordan's £1.3bn net worth set for huge drop as NBA icon sells Charlotte Hornets.
Posted: Fri, 16 Jun 2023 07:00:00 GMT [source]
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).

In the seven years since, Jordan’s Hornets have had only one winning season and have twice exited early in the play-in tournament as the 10 seed. Jordan’s decision to sell ends his unsuccessful 13-year run overseeing the organization. During his NBA Finals news conference, Commissioner Adam Silver was asked about the status of a sale. Jordan is arguably the greatest professional basketball player to ever live. He won six championships with the Chicago Bulls and six NBA Finals' MVP awards.
LaMelo Ball's net worth in 2024 - ClutchPoints
LaMelo Ball's net worth in 2024.
Posted: Tue, 09 Apr 2024 07:00:00 GMT [source]
Hornets record during Jordan's tenure
Michael Jordan's sale also leaves the NBA without any African American team governors. During his 13-year run, Michael Jordan wasn't able to win any championships. However, Lee has been an NBA assistant coach for 10 years, primarily learning under Mike Budenholzer. Winning a championship with the Bucks in 2021, Lee’s only had one season in which his team didn’t reach the playoffs. Nonetheless, Lee has demonstrated that he knows what it takes to win in the NBA as a coach.
Charlotte are ranked 26th overall and valued at $1.77 Billion, that's an increased of 11% from 2021, the average increase was 16%. The Hornets moved up one spot from the 2021 valuations overtaking the Oklahoma City Thunder. The average NBA team is worth $3 billion, according to data compiled by Sportico. The Golden State Warriors rank first at $7.56 billion, while the New Orleans Pelicans rank last at $1.63 billion. Following the relocation of the Hornets to New Orleans, the Bobcats entered the league as an expansion team in 2004. “I’m thrilled to have my friend, Michael Jordan, join me in my business and sports pursuits,” Johnson said at the time.
He was involved in various aspects of the Hawks’ team-building process as well as the renovations to State Farm Arena. He is co-president of Clayton, Dubilier & Rice LLC, where he has worked for 27 years. Schnall, who will serve as Co-Chairman & Governor, had been a minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015. While with Atlanta, Schnall was involved in various aspects of the Hawks team building process as well as the renovations to State Farm Arena.