June 16th 2023.
Billionaire and NBA legend Michael Jordan is taking a major step away from the Charlotte Hornets after 13 years as majority owner. ESPN's Adrian Wojnarowski reported on Friday that Jordan has agreed to turn over ownership to a group led by Gabe Plotkin and Rick Schnall, with rapper and North Carolina native J. Cole rumored to be part of the group. Jordan will maintain a minority stake in the team and will also oversee operations during the 2023 NBA Draft.
Jordan first bought a controlling interest in the team in 2010 for $275 million. Despite his leadership, the team has failed to capture a championship or build on the talent they’ve drafted, with the Hornets only making it to the NBA playoffs two times in the last 13 seasons. Jordan also served as a minority owner and president of basketball operations for the Washington Wizards; however, this tenure also failed to produce the success of his time with the Chicago Bulls.
Now, with the No. 2 pick in the upcoming NBA Draft, the Hornets seem to be gearing up for some major moves in the 2023-24 season. Top prospects like Scoot Henderson, Brandon Miller, and Amen Thompson are all up for grabs, and the team can decide to extend the contract of their current franchise player, point guard LaMelo Ball.
It's clear that the Charlotte Hornets are looking to make some big changes in the coming season. Michael Jordan, who has been the majority owner for the last 13 years, will still maintain a minority stake in the team, but the new group of owners is sure to bring a fresh approach and new ideas. It will be interesting to see how the team does in the NBA Draft and the following season, and if the new ownership group can help the team reach the heights it hasn't been able to in the last 13 years.
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