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If you recognize the name, it’s likely because Plotkin and Melvin Capital were at the center of the Gamestop/Robinhood controversy, resulting in Melvin Capital being wound up. Michael Jordan, who owned the Hornets for the past 13 years, will remain with the team as a minority owner. Gabe Plotkin and Rick Schnall will assume the majority stake of the Hornets. Overall, the signs are positive for Charlotte as just two years ago they were ranked 28th.
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Other members of the new potential Hornets ownership group — pending the approval — are recording artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway and several local Charlotte investors, including Amy Levine Dawson and Damian Mills. Once the sale is complete, Michael Jordan plans to keep a minority stake and maintain a presence with the franchise. According to the Hornets, the group buying a majority share will also include Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, North Carolina natives recording artist J. Cole and country music singer-songwriter Eric Church, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.
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But the Hornets’ struggles and inability to turn things around bothered Jordan. The first inclination that he was looking to get out of the NBA ownership business came in 2020, when he sold a minority stake to Plotkin and Sundheim. Plotkin, who bought a minority share of the Hornets four years ago, was the founder and chief investment officer of Melvin Capital, the investment firm that lost billions in the 2021 GameStop short squeeze. Before that, Plotkin’s firm earned millions of dollars for investors and Plotkin, who made more than $800 million 2020, according to Bloomberg.
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The six-time NBA champion is in negotiations to sell at least a portion of the franchise to a group that includes Hornets minority owner Gabe Plotkin. Jordan will retain minority ownership as part of the deal, the Hornets said. He’s a partner at Clayton, Dubilier & Rice and leads their financial services and technology team. Schnall is currently a minority owner with the Atlanta Hawks, he’s a Harvard graduate who resides in New York City and ticks all the boxes of your classic rich investor. Other than being super wealthy and clearly having an interest in NBA ownership, there’s little else known about Schnall. (AP) — The sale of the majority stake of the Charlotte Hornets from six-time NBA champion Michael Jordan to Gabe Plotkin and Rick Schnall has been finalized, the team announced Thursday.
Franchise comparison
Charlotte are ranked 26th overall and valued at $1.77 Billion, that's an increased of 11% from 2021, the average increase was 16%. The Hornets moved up one spot from the 2021 valuations overtaking the Oklahoma City Thunder. The average NBA team is worth $3 billion, according to data compiled by Sportico. The Golden State Warriors rank first at $7.56 billion, while the New Orleans Pelicans rank last at $1.63 billion. Following the relocation of the Hornets to New Orleans, the Bobcats entered the league as an expansion team in 2004. “I’m thrilled to have my friend, Michael Jordan, join me in my business and sports pursuits,” Johnson said at the time.
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The most recent sale of an NBA franchise was in December 2022, with Matt Ishiba purchasing a controlling stake in the Phoenix Suns and Mercury for around $4 billion. Now, normally it wouldn’t be a huge deal for any athlete to get tattoos. He was furious several years ago when he saw that his middle son, LiAngelo, was heavily tatted. The reality is that Bronny might not show up on an NBA roster next season even if he does stay in the draft.
Michael Jordan selling majority stake in Charlotte Hornets - Axios
Michael Jordan selling majority stake in Charlotte Hornets.
Posted: Fri, 16 Jun 2023 07:00:00 GMT [source]
Charlotte will have to continue to replicate that draft success for a second year in a row in order to make any drastic changes. This is a young team that is still missing several key pieces, and they are going to need all of the help that they can get, should they hope to compete. This draft pick presents yet another opportunity for the Hornets to dust themselves off and field a more competitive roster, but they have to make the most of the hand that they are dealt. However, listening to him speak —whether it be on ESPN, his The Old Man and the Three podcast, or the Mind the Game podcast —he may be resistant to prioritizing player development at the expense of wins. Such a short-sighted view isn’t problematic in the sense that coaches should want to win. Yet, being a head coach often requires a long view so that a team can have sustained success.
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Friday morning, ESPN's Adrian Wojnarowski reported that Michael Jordan is "finalizing" a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. Michael Jordan is making a good chunk of change off being the owner of the Charlotte Hornets. Here's everything you need to know about the sale and Jordan's timeline with the Hornets.
This is Jordan’s fourth year as a team owner for 23XI, a joint venture with three-time Daytona 500 winner Denny Hamlin. Reddick and the team’s other driver, Bubba Wallace, have won races before, as has Kurt Busch, a former 23XI driver. However, Jordan had never been on site for one of the victories (though he frequently attends races). TALLADEGA, Ala. — Michael Jordan finally celebrated a NASCAR Cup Series win in person for the first time as a team owner, watching driver Tyler Reddick race to victory lane at Talladega Superspeedway on Sunday. The Charlotte Hornets are coming off of yet another disappointing season.
Since Jordan's initial investment in the franchise in 2006, the Hornets have posted a winning record just four times in 17 seasons. They have advanced to the playoffs on just three occasions, losing in the first round each time. The Hornets managed to get it right in 2023 when they ignored the hype of Scoot Henderson in light of Brandon Miller, as Miller’s rookie campaign was the lone bright spot of the season.
According to ESPN's Adrian Wojnarowski, Michael Jordan is finalizing a sale of the Hornets to a group led by Gabe Plotkin and Rick Schnall. Jordan had previously sold a minority stake in the Hornets to Plotkin. That said, Jordan has been a lifelong NASCAR fan who attended races as a youth growing up in North Carolina. He became friends with Hamlin when the driver had Charlotte Hornets courtside season tickets and they decided to jointly start a NASCAR team in 2020 (and debuted with Wallace at the 2021 Daytona 500).
The investment group will also include Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, North Carolina natives rapper J. Cole and country music singer-songwriter Eric Church, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills, the Hornets said. Schnall is in the process of selling his investment in the Hawks, which is expected to be completed in the next several weeks, according to the Hornets' statement. Plotkin and Schnall will serve as co-chairmen of HSE and will rotate the team’s governorship every five years, beginning with Schnall.
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