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Hornets sale from Michael Jordan to Gabe Plotkin, Rick Schnall finalized

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James Foglio
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James Foglio Sports Editor

James is a Basketball Insiders contributor. He earned his bachelor's degree in English and Creative Writing from Southern New Hampshire University. James enjoys watching sports and helping gamblers win money.

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Updated03 Aug 2023

Hornets sale from Michael Jordan to Gabe Plotkin, Rick Schnall finalized

The Charlotte Hornets sale from Michael Jordan, who had owned a majority stake in the NBA franchise, to a group led by Rick Schnall and Gabe Plotkin has been finalized, it was announced Thursday.

“I’m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick,” Jordan said in a statement issued Thursday.

“I know the Hornets organization is in great hands moving forward. I’m excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead.”

According to NBA betting sites, the Charlotte Hornets hold 30th-ranked odds to win next season’s 2024 championship. Check out which sportsbooks are showing better odds for the Chicago Bulls and Indiana Pacers.


Jordan will continue to hold a minority stake in the team after a 13-year run as the majority owner. In June, the purchase was made at an approximate $3 billion valuation. The NBA Hall of Famer paid $275 million for a majority stake in the franchise in 2010.

The NBA’s board of governors approved the new ownership group last month with a 29-1 vote. Rick Schnall, a graduate of the University of Pennsylvania and Harvard Business School, had been a minority owner with the Atlanta Hawks.

Moreover, Schnall has served as the alternate governor on the NBA Board of Governors since 2015. The businessman is also co-president of Clayton, Dubilier & Rice LLC, where he has worked for 27 years.

Gabe Plotkin will reportedly serve as co-chairmen of HSE and will rotate the team’s governorship every five years. He is the founder of Melvin Capital Management and Tallwoods Capital LLC.

Michael Jordan’s sale of a majority stake in the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin has now been finalized

Furthermore, Plotkin will serve as the organization’s co-chairman and alternate governor. The Portland, Maine, native originally bought a minority stake in the Hornets in 2019. Equally important, he has been an alternate governor on the NBA Board of Governors since then.

“We want to thank Michael for this opportunity, as well as his support throughout this process,” Plotkin and Schnall said in a combined statement. “During his ownership, he brought stability to the Hornets franchise, achieved many business milestones, reconnected and reinvested in the Charlotte community and has the organization positioned for greater success.

“And we will look to build a highly competitive basketball team, develop innovative business practices, give back to our community and connect with our fans. We plan to further invest in the team, the facilities and the fan experience, with the goal of delivering a winner to our fans throughout the Carolinas.


“We are confident that our successful business backgrounds and our previous experience as NBA minority owners will be beneficial as we shape the future of the franchise as a best-in-class organization.”

Additionally, the Hornets’ new ownership group includes Dan Sundheim, Andrew Schwartzberg, Chris Shumway, Dyal Home Court Partners, Ian Loring, Amy Levine Dawson, and Damian Mills. North Carolina natives recording artist J. Cole and country music singer-songwriter Eric Church are also in the group, according to ESPN.

The Hornets have not advanced beyond the first round of the playoffs since 2002. As a matter of fact, Charlotte has made only three first-round appearances since 2004. However, the club has reached the semifinals four times (1993, 1998, 2001-02) in its franchise history.

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