A New Era for the Charlotte Hornets: Michael Jordan Sells Majority Stake

Michael Jordan's sale of the majority stake in the Charlotte Hornets to a consortium led by Rick Schnall and Gabe Plotkin is now complete, as revealed in an announcement on Thursday.

by Faruk Imamovic
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A New Era for the Charlotte Hornets: Michael Jordan Sells Majority Stake

Michael Jordan's sale of the majority stake in the Charlotte Hornets to a consortium led by Rick Schnall and Gabe Plotkin is now complete, as revealed in an announcement on Thursday. The transaction marks the beginning of a new chapter for the NBA team, signifying a potential shift in the organization's future direction.

"I'm thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick," Jordan shared in a statement. "I know the Hornets organization is in great hands moving forward. I'm excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead." Jordan's commendation of the new owners underscores his confidence in their capacity to lead the Hornets into a prosperous future.

Not only does it affirm their business acumen but also highlights their strategic innovation, both crucial elements in modern-day sports management.

A Shared Vision and Continued Growth

The new owners, Schnall and Plotkin, expressed gratitude for the opportunity and for Jordan's support throughout the transition.

They applauded his tenure, noting, "During his ownership, he brought stability to the Hornets franchise, achieved many business milestones, reconnected and reinvested in the Charlotte community and has the organization positioned for greater success.

We look forward to building upon this success in the years to come." Their vision is to elevate the Hornets to the "next level," both on the court and in their business operations. "We will look to build a highly competitive basketball team, develop innovative business practices, give back to our community and connect with our fans," they promised.

Their ambition extends to enhancing the fan experience through investment in the team and the facilities. "We are confident that our successful business backgrounds and our previous experience as NBA minority owners will be beneficial as we shape the future of the franchise as a best-in-class organization," the new owners added.

A Diverse Ownership Group

The new ownership group is comprised of an eclectic mix of individuals including Chris Shumway; Dan Sundheim; Ian Loring; Andrew Schwartzberg; Dyal HomeCourt Partners; North Carolina-born recording artist J.

Cole; country music singer-songwriter Eric Church; and local Charlotte investors Amy Levine Dawson and Damian Mills. This diverse team brings an array of perspectives and experiences that could stimulate creativity and novelty, contributing to the team's aspirational objective of being a "best-in-class" organization.

Charlotte Hornets Michael Jordan
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