NBA Hornets New Owners: Sale Approved

Michael Jordan after running the NBA Franchise Charlotte Hornets for 13 years, has decided to step away and sold the majority of his shares to a consortium led by Rick Schnall and Gabe Plotkin, for $3 billion, Jordan will still be a minority owner and doesn’t know which will be his new role.

Who are Plotkin and Schnall?

Gabe Plotkin is a graduate of Northwestern University where he studied finance and finished school beginning of the century. Made his fortune as the founder and Chief Investment Officer of Melvin Capital. He started purchasing shares from the Hornets back in 2020 and has been the minority shareholder. They estimate his net worth to be around $400 million as of 2021.

Rick Schnall, who studied at the University of Pennsylvania and Harvard Business School, late of New York, has been enrolled with the NBA previously, as he has shared with the Hawks of Atlanta, which the news has stated he will sell.

Some other minority owners of the Hornets are Dan Sundheim, Ian Loring, Dyal Homecourt Partners, North Carolina native recording artist J. Cole, Eric Church, and smaller investors including Amy Levine Dawson and Damian Mills. Usually, new ownership comes with improved NBA Lines, let us see if this is the case. 

NBA Former Player Michael Jordan
Charlotte Hornets owner Michael Jordan laughs while responding to a question during a news conference on on Tuesday, Oct. 28, 2014, at Time Warner Cable Arena in Charlotte, N.C. (Jeff Siner/Charlotte Observer/MCT)

Big Business for Jordan

Not because of the final price he got paid, he purchased the majority of the stakes in his home state, for $275 million in 2010. This team is currently valued at $1,7 billion, ranking as number 27th among all NBA teams. In just ten years they improved $1,3 billion. Jordan still stands as the only African American to have shares in an NBA team.

During this time, that Jordan has been the main owner, the team has been mediocre, has enjoyed just three winning seasons, and has been in the playoffs only twice. Also to mention that under Jordan the team recovered its original name Hornets and left behind the Bobcats.

Let’s Check the Next Season Roster

LaMelo Ball

The big new star is its point guard LaMelo Ball, who signed a five-year maximum salaried designated rookie extension, worth $260 million. Ball in his third season in the league played only 36 games but averaged 23,3 ppg, having the highest percentage of points of the team.

Brandon Miller (The New Kid on the Team)

The wingman, 6 foot 9, made just under 20 points at the University of Alabama and shot for 38%, but one of its concerns is how he plays around the rim, whereas for the NBA he will need some more strength. In the draft, they also were able to higher in the first round Nick Smith Jr. was a very good talented player, but had several injuries in the past year with the Razorbacks. He is a 6-foot-five guard with lots of skills and potential and that never gives up.

These three players Ball, Miller, and Smith can give this franchise a new and exciting look, younger, more talented, athletic, and faster, which we are seeing in other younger teams like Oklahoma City, Orlando Magic, Houston Rockets, and others, making things change in the league, lower and cheaper roster salaries, with lots of year under control for the team. Just add some good and veteran free agents and you can have all the odds that this team can make the playoffs and get deep in the rounds of the playoffs.

When the season was over the Hornets had 11 players under contract and we need to add Miles Bridges who did not play many games last season and free agent PJ Washington, they will probably be anywhere from 41 million over the cap to 17 million under. And they still have veteran Gordon Hayward who will be on an expiring contract and who hasn’t proven much for the team. Young core, new owners, let’s see if the combination will work for this season, it’s way uncertain, but look better than last season’s NBA Odds.