Avast ye mateys! 'Tis been said that the NBA's grand board of governors hath given their blessing to Michael Jordan's Hornets sale!
2023-07-23
Arr, the NBA's scurvy board of governors hath granted permission to Michael Jordan's sale of the Charlotte Hornets, mark me words! The deal be settlin' betwixt one and two weeks, as the grapevine doth whisper in the salty sea breeze.
The NBA's board of governors has given the green light for the sale of the Charlotte Hornets, marking the end of Michael Jordan's 13-year tenure as the majority owner of the franchise. ESPN reported that the vote was nearly unanimous, with only the New York Knicks' owner, James Dolan, voting against the sale. The team is being purchased by a group led by businessmen Rick Schnall and Gabe Plotkin for an estimated $3 billion. With the approval from the board of governors, the sale is expected to be finalized within the next one to two weeks.Jordan initially acquired the majority stake of the Hornets for $275 million in 2010, becoming the league's first and only Black majority owner. NBA Commissioner Adam Silver acknowledged Jordan's right to sell, stating that values have significantly increased since he bought the team. Although Jordan will no longer be the principal governor, he will retain a minority stake in the Hornets, while Schnall and Plotkin assume the leadership role.
Both Schnall and Plotkin have prior experience in owning NBA franchises, with Plotkin previously serving as a minority owner of the Hornets and Schnall owning a minority stake in the Atlanta Hawks. The Schnall-Plotkin group also includes notable figures such as rapper J. Cole, North Carolina native; Dan Sundheim; Ian Loring; and country music star Eric Church.
Despite their poor record in the 2022-2023 season, finishing with a 27-55 record, the Hornets still possess promising young talent, including LaMelo Ball and Alabama's Brandon Miller, whom they drafted second overall in the 2023 NBA Draft. Under Jordan's majority ownership, however, the team struggled to achieve the same level of success that he had as a player, ranking 26th out of 30 teams in terms of wins during his tenure.