The NBA Board of Governors has approved the sale of the Hornets to a group led by Gabe Plotkin and Rick Schnall, according to a source briefed on the sale. This marks the end of Michael Jordan’s 13-year tenure as the team’s majority owner, as he reached an agreement to sell his stake to Plotkin and Schnall last month. While the sale still needs to be finalized, it is expected to occur in the next few weeks. Jordan will retain a minority stake in the team.
During Jordan’s ownership, the Hornets had a largely forgettable chapter in their history. The team had a winning percentage of .413, which was the fifth-worst in the NBA at the time. They made the playoffs only twice and had just three winning seasons. The Hornets were known for their small front offices and lack of spending, consistently posting bottom-five payrolls in recent years.
The new ownership group will take over at a potential turning point for the franchise. They recently selected former Alabama standout Brandon Miller with the No. 2 pick in the 2023 NBA Draft and already have rising star LaMelo Ball on the roster. This could mark the beginning of a new and more prosperous era for the Hornets if their rebuild goes according to plan.
However, the departure of Michael Jordan is significant. As one of the NBA’s greatest players and ambassadors for the game, Jordan’s involvement in the league is highly valued. NBA Commissioner Adam Silver acknowledged Jordan’s contributions, stating, “I wouldn’t know where to begin in terms of Michael Jordan’s contributions to this league…not just as a player but the role he has played as a governor over roughly the last decade.”
Let’s take a closer look at Gabe Plotkin and Rick Schnall, the leaders of the new ownership group. Plotkin is the founder and chief investment officer of Tallwoods Capital LLC. He has been an alternate governor on the NBA Board of Governors since 2019 and has held a minority stake in the Hornets franchise since the same year. On the other hand, Schnall is the co-president of Clayton, Dubilier & Rice LLC and was a “significant minority owner” of the Atlanta Hawks.
Looking back at the Hornets’ recent performance, they finished 14th in the Eastern Conference with a 27-55 record last season. Under Jordan’s majority ownership, the team had only three winning campaigns in 13 years.
In conclusion, the sale of the Hornets to Gabe Plotkin and Rick Schnall’s group marks the end of Michael Jordan’s ownership era. While Jordan’s tenure was largely forgettable in terms of on-court success, his departure is still significant due to his status as one of the NBA’s greatest players and ambassadors. The new ownership group takes over at a crucial time for the franchise, with promising young players like LaMelo Ball and Brandon Miller on the roster. The future looks bright for the Hornets if their rebuild goes according to plan.