Who owns the Charlotte Hornets?

PREVIOUSLY, the Charlotte Hornets were owned by NBA legend Michael Jordan. After 13 years as the team's majority shareholder, the six-time NBA champion sold the Hornets for a reported $3billion. 2 On July 23, 2023, it was announced Michael Jordan sold the Charlotte Hornets to Rick Schnall and Gabe Plotkin for a deal reported to

PREVIOUSLY, the Charlotte Hornets were owned by NBA legend Michael Jordan.

After 13 years as the team's majority shareholder, the six-time NBA champion sold the Hornets for a reported $3billion.

Who owns the Charlotte Hornets?

On July 23, 2023, it was announced Michael Jordan sold the Charlotte Hornets to Rick Schnall and Gabe Plotkin for a deal reported to be worth $3billion.

Schnall is a co-president at the private equity firm Clayton, Dubilier & Rice.

Based in New York City, he is also a minority owner with the Atlanta Hawks.

A graduate of Harvard, he was hired by CDR in 1996 and oversaw the company's healthcare, tech, and financial divisions.

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Gabe Plotkin is the Chief Investment Officer of Tallwoods Capital LLC and the co-founder of Melvin Capital.

Similar to Schnall, Plotkin is also a business professional who mainly operates in New York City.

On June 30, 2022, Melvin Capital closed its operations and returned the money to its investors.

A graduate of Northwestern University, he lived in Portland, Maine, before relocating to Queens, New York, with his wife Yaara Bank-Plotkin and their child.

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When were the Hornets established?

In 1988, the Charlotte Hornets were founded by George Shinn.

Their team name was coined from Charles Cornwallis' historic description of Charlotte during the American Revolution.

In 1780, it was believed he referred to the city as "a veritable hornet's nest of rebellion" after the Battle of Charlotte.

The Hornets were established three years after the NBA announced they were looking to expand the league with four additional teams.

How much did Michael Jordan buy the Hornets for?

On March 17, 2010, it was revealed Michael Jordan bought the Hornets for an estimated $275million from the team's previous owner Bob Johnson.

At the time, the team was referred to as the Charlotte Bobcats before they rebranded to the Hornets in May 2014.

"Purchasing the Bobcats is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise," Michael Jordan said in a statement.

"I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina.

"I plan to make this franchise an organization that Charlotte can be proud of, and I am committed to doing all that I can to achieve this goal."

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Bob Johnson commented: "The best decision I made since acquiring the Bobcats was to convince my friend Michael to become an investor in the Bobcats and to appoint him as managing member of basketball operations.

"As the new majority owner of the Bobcats, his dedication will be stronger now more than ever."

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