It seems Michael Jordan is finally pulling the trigger on the Charlotte Hornets. The years of playoff disappointment and substandard play have finally seemed to get to the GOAT. The move seems controversial considering that the Hornets just received the second overall pick in the 2023 NBA draft, however, it is highly unlikely that they’ll be able to pick up the generation prospect that is Victor Wenbanyama.
Michael Jordan in 13 seasons as Hornets owner:
• Never won a playoff series
• Never finished higher than 6th in East
• 5th worse winning % in the NBAYet MJ will still make over $2 BILLION on the deal, which is more than he has made from Nike in 40 years.
That’s crazy 🤯 pic.twitter.com/lKa82kSdES
— Joe Pompliano (@JoePompliano) June 16, 2023
Maybe if Charlotte had been able to secure the number one overall pick-up, perhaps this article may not even exist. The Hornets have a young star in LaMelo Ball but the rest of the talent on the team is spread thin. In fairness to Charlotte, Michael Jordan has just never been able to carry his on-court greatness into the front office.
Jordan has made several questionable free-agent signings and draft picks despite having high overall picks in the last few drafts. It looks like he’s finally decided to hang up the boots as an owner and transfer those responsibilities to a proper group of associates who can hopefully turn the franchise around.
Michael Jordan is selling the Hornets to a group of investors led by Gabe Plotkin and Rick Schnall
To clarify, Jordan is not selling the entirety of his shares but a major chunk of them. He will remain a minority owner, but Jordan may retire into the shadows now. This move ends a 13-year tenure for Michael Jordan as the owner of the Charlotte Hornets and one that has not been pleasant, to say the least.
As for the new owners, two people have bought a majority stake in the Hornets. That being Gabe Plotkin and Rick Schnall. Gabe Plotkin is a bit of a controversial figure, who is a hedge fund manager, investor, and former Chief Investment Officer of Melvin Capital. His controversy comes from the Gamestop/Robinhood stock market crisis that happened a while ago. Long story short, Plotkin is the social pariah in the eyes of Redditors and Gamestop shareholders alike.
Rick Schnall is your run-of-the-mill, uber-wealthy individual looking to broaden his portfolio. Interestingly he is already a minority owner of the Atlanta Hawks, one of the rivals of the Charlotte Hornets. By profession, he is a partner at Clayton, Dubilier & Rice and leads their financial services and technology team.
The big news of the day is that American rapper Jermaine ‘J’ Cole is becoming a minority investor in the Charlotte Hornets. Cole is from and grew up in the North Carolina area and jumped at the chance to invest in the NBA and especially in his hometown franchise. The rapper has always been involved in the world of basketball, even playing professionally in an African league and a Canadian pro league recently.