Okay, let’s talk about Michael Jordan. The GOAT. The guy who made a living through the air. For years, he also owned a basketball team. But is he still the owner of the Charlotte Hornets?
Spoiler alert: Nope. He’s out. He sold his majority stake. The news broke in 2023, and it was a big deal. Let’s unpack the juicy details.
The Big Exit: Why Did MJ Sell?
Michael Jordan sold his majority stake to a group led by Gabe Plotkin and Rick Schnall. It was a massive payday—roughly $3 billion. Yes, billion with a B. Not a bad return on his initial $175 million investment from 2010.
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Why sell? Maybe he got bored. Maybe he wanted to focus on his other billions. Or maybe he just couldn’t handle the Hornets’ record. (Spoiler: They weren’t great during his tenure).
Gabe Plotkin is a hedge fund guy. Rick Schnall is an Atlanta Hawks minority owner. They’re the new faces of the franchise. Michael Jordan is now just a minority owner. He still has a small stake, but he’s no longer the captain.
The Quirky, Funny Details
Here’s where it gets weird and fun. Michael Jordan was famously a terrible team owner. The Hornets had the worst winning percentage in the NBA during his time. It’s almost poetic. The man who could do no wrong on the court could do no right in the front office.
He drafted players like Adam Morrison and Michael Kidd-Gilchrist. Ouch. He also refused to tank properly. He wanted to win, but his picks were… questionable. It was like watching a superstar chef burn toast.
Fun fact: Jordan once said he’d rather shoot free throws than watch his team play. Ouch, again. That’s a serious burn from the man himself.
Michael Jordan in 'serious talks' to sell majority stake of Hornets
So, Who Runs the Show Now?
The new ownership group took control in August 2023. They’re younger, hungrier, and (hopefully) smarter with draft picks. Plotkin is a huge basketball nerd. Schnall is a former player. The vibes are different.
They’ve already made some moves. They hired a new president of basketball operations. They’re actually trying to build a real team. Will it work? Who knows. But at least it’s not the same old MJ way.
Michael Jordan’s role is now “advisor.” Imagine being an advisor to the guy who just bought your team. “Hey, Gabe, you should pass to the guy in the corner.” That’s the energy now.
Why This Topic is So Much Fun
Because it’s drama. It’s a billionaire selling a toy he got tired of. It’s a story of a legend who was human—and spectacularly average at business. That’s endlessly entertaining.
Think about it. Michael Jordan is the greatest basketball player ever. He made the Hornets his pet project. And he failed. Miserably. But he still walked away with three billion dollars. That’s a happy ending for a rich guy.
It’s also funny because the Hornets are still a meme. They’re the team with the teal jerseys and the stinger logo. They have a mascot named Hugo. They’re lovable losers. And now they’re trying to be winners without MJ.
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What Happens Next?
The Hornets have LaMelo Ball. He’s a superstar. He’s flashy. He’s fun to watch. The new owners want to build around him. Could they actually become a playoff team? It’s possible. Stranger things have happened.
Michael Jordan will still show up at games. He’ll sit courtside. He’ll flash that goofy smile. But he won’t be making the draft picks. Thank goodness.
In a weird way, this is good for the Hornets. They get a fresh start. They get a new owner who actually wants to win. And we get to watch the drama unfold.
The Final Verdict
So, is Michael Jordan still the owner of the Hornets? No. He’s a minority owner. A part-timer. A glorified cheerleader in a suit. He’s still rich, still famous, and still the GOAT. But he’s no longer the boss.
He’s off to buy other things. Maybe a yacht. Maybe a race team. Who knows. The man is unpredictable.
For now, raise a glass to Michael Jordan: the greatest player ever, and the owner who made us all laugh. The Hornets are now a new adventure. And honestly? It’s going to be a wild ride.