The Charlotte Hornets are a professional basketball team in the National Basketball Association (NBA) known around the league for their vibrant teal and purple jerseys and passionate fan base in Charlotte, North Carolina. Beyond the court, the Hornets’ ownership story has evolved over the years—shifting from legendary figures to investment leaders with diverse backgrounds.
A Legacy with Michael Jordan
For many years, the most recognizable name associated with the Hornets was Michael Jordan, widely regarded as the greatest basketball player of all time. Jordan first became involved with the franchise in the mid‑2000s when he purchased a minority stake. By 2010, he had acquired a majority ownership stake, becoming the first former NBA player to control a team.
Jordan’s ownership was significant not just for his celebrity status, but also for his role in stabilizing the franchise and guiding its community presence. However, on the competitive side, the Hornets experienced limited on‑court success during his tenure.
New Ownership: Gabe Plotkin and Rick Schnall
In August 2023, a major transition took place. Jordan sold his majority ownership stake to a new investment group led by Gabe Plotkin and Rick Schnall.
Plotkin and Schnall now serve as the majority owners of the Charlotte Hornets, taking over control of the team’s operations and strategic direction. Both men bring significant experience from the world of finance and investment:
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Gabe Plotkin is a hedge fund founder with notable NBA investing experience, previously holding a minority stake in the Hornets before becoming a majority owner.
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Rick Schnall is a private equity executive and investor with involvement in multiple professional sports ownerships.
Together, they are guiding the Hornets into a new era with plans for growth both on and off the court.
Minority Owners: A Diverse Ownership Group
Jordan, though no longer the majority owner, still retains a minority stake in the Hornets, allowing him to remain involved with the franchise in a less active leadership role.
In addition to Jordan, the ownership group includes a number of diverse minority stakeholders—including entertainers and local investors. Notable examples often mentioned in reports include artists and community figures, emphasizing a blend of business acumen and cultural investment.
Why Ownership Matters
Ownership in the NBA isn’t just about financial investment. It shapes the culture, strategic direction, and community engagement of a franchise. With Plotkin and Schnall now at the helm, the Hornets aim to leverage fresh leadership to build a competitive roster, improve fan experiences, and foster deeper connections with basketball fans across the Carolinas.
Looking Ahead: Hornets in the Modern NBA
Under the new leadership structure, the Hornets are striving to enhance their performance and relevance in a league filled with talented teams and high expectations. Though the journey continues, the franchise’s ownership story remains one of transformation—from NBA royalty with Michael Jordan to a forward‑looking investment group focused on long‑term success.
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