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Michael Jordan Sells Charlotte Hornets, Keeps Minority Stake

The superstar’s run as majority owner in Charlotte has come to an end.

Orlando Magic v Charlotte Hornets Photo by Jacob Kupferman/Getty Images

NBA legend Michael Jordan has sold the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin, ending his 17-year run at the helm of the franchise.

ESPN’s Adrian Wojnarowski reported on the news earlier today:

The NBA Board of Governors approved the sale by a vote of 29-1. Jordan first became part-owner in the summer of 2006, and bought a controlling interest in 2010 for $180 million. The franchise is now valued at roughly $1.7 billion.

The Hornets only had four winning seasons in Jordan’s 17-year span as owner — three of which resulted in playoff berths that ended in first round exits.

Additionally, the Hornets saw eight head coaches lead the team over that period. Most notably, Steve Clifford had a successful first stint in Charlotte between 2013 and 2018, where he helped Kemba Walker become an All-Star and Al Jefferson become an All-NBA third team member in addition to two of those playoff appearances.

Jordan has now relinquished the team to Schnall and Plotkin — both of whom had been minority owners in the league—with the Atlanta Hawks and Hornets, respectively—up until this point.

The franchise was awarded the No. 2 pick in the 2023 NBA Draft and selected 6-9 forward Brandon Miller out of the University of Alabama.

The standout prospect averaged 18.8 points and 8.2 rebounds in his lone season with the Crimson Tide and has followed that up with 15.2 points and 6.8 rebounds in five Summer League games played.

The Hornets add Miller to a core including 2022 All-Star LaMelo Ball, PJ Washington and Miles Bridges — the latter of which made his return to the franchise earlier this summer after a domestic violence incident kept him out all of last season.

Charlotte’s new owners carry a talented roster into the 2023-24 season with hopes of advancing further than the Play-in tournament, where they lost in 2021 and 2022.