Michael Jordan's $3 billion sale of the Charlotte Hornets closed this week, ending the only majority ownership tenure by a Black principal in major North American sports history. Jordan bought the franchise for $275 million in 2010 when Bob Johnson exited. He leaves with a $2.725 billion gain and a franchise that made the playoffs twice in 13 years.
Rick Schnall and Gabe Plotkin now control the team through a partnership that was announced in June 2023 and closed after standard NBA ownership vetting. Schnall, a private equity executive at Clayton, Dubilier & Rice, serves as governor. Plotkin, who shut down Melvin Capital after the GameStop short squeeze cost him $6.8 billion, returns to Charlotte sports after a previous minority stake in the NFL Panthers. The purchase price ranks as the fourth-highest in NBA history, behind the Suns ($4 billion, 2022), Nets ($3.3 billion, 2019 adjusted basis), and Clippers ($2 billion, 2014). Jordan retains a small minority stake, exact percentage undisclosed.
The Hornets generated roughly $260 million in revenue last season, per league filings, placing them 27th in the 30-team circuit. Season ticket renewal rates hover near 72%, below the league median of 81%. The team has not won a playoff series since 2002, when the franchise was still the New Orleans Hornets. Charlotte's current roster, anchored by LaMelo Ball's $203 million extension, carries a $171 million payroll this season, $7 million below the luxury tax threshold. Ball has played 126 games across three seasons due to ankle and wrist injuries. Miles Bridges, the team's second-highest paid player at $27 million annually, returned this season after a 30-game suspension for a domestic violence plea. Attendance averages 15,900 per game, 85% of capacity, ninth-lowest in the league.
Jordan's tenure produced one coach (Steve Clifford) with a winning record, two playoff appearances, and persistent rumors he cared more about keeping payroll low than building a contender. The franchise drafted Kemba Walker, who left in free agency. They drafted Malik Monk, who left in free agency. They drafted Shai Gilgeous-Alexander, then traded him on draft night for the since-departed Bridges. A front-office executive at a rival Eastern Conference team said last year that Charlotte's scouting budget was "noticeably smaller" than peers, though the Hornets dispute specific figures. Jordan himself rarely appeared at games during the final three seasons, sending his son Marcus to sit courtside while he focused on NASCAR team 23XI Racing, which he co-owns with Denny Hamlin.
Schnall and Plotkin inherit a franchise in a metro area where the NFL's Panthers sold for $2.3 billion in 2018 and drew 68,000 per game last season. Charlotte's corporate base includes Bank of America, Lowe's, and Duke Energy. The Hornets' current kit deal with Nike runs through 2027. Lending Tree holds arena naming rights through 2026 at a reported $6 million annually, well below the NBA average of $9 million. The team has not announced a jersey patch sponsor for the 2024-25 season, a slot that typically generates $7-12 million per year.
Schnall's first public comments as governor focused on "competitive sustainability," a phrase that describes neither tanking nor contending. Plotkin has not spoken publicly since the sale closed. The franchise hired Jeff Peterson as general manager in June 2024, replacing Mitch Kupchak, who presided over the Ball and Bridges draft picks. Peterson spent a decade with the Atlanta Hawks, most recently as assistant GM, where he helped build the team that advanced to the 2021 Eastern Conference Finals before dismantling it for draft picks.
The Hornets currently sit at 8-26, second-worst in the East. Ball is averaging 28 points per game on a career-low 40% shooting. The team has $68 million in expiring contracts next summer, primarily Gordon Hayward and Nick Richards, which would create cap space if not extended. Charlotte owns the Greensboro Swarm, its G League affiliate, and the Hornets Venom GT esports franchise. Neither generates material revenue.
The next NBA Board of Governors meeting is scheduled for April 2025, where expansion to Seattle and Las Vegas is expected to surface again. Expansion fees now pencil at $4 billion per team after this Charlotte sale reset the valuation floor. Jordan, who walked away with more than any athlete-turned-owner in history, will not be in the room.