After retiring from the NBA, Michael Jordan went into sports ownership. In 2006, Jordan bought a minority stake in the then-Charlotte Bobcats. Furthermore, Jordan assumed full control of basketball operations under the title of Manager Member of Basketball Operations. Jordan became the team’s majority owner in 2010. The team became the Hornets ahead of the 2014-15 season. It was a return to the name the team had formerly had before briefly relocating to New Orleans.
However, the Hornets have been one of the worst teams in the NBA since Jordan took over. Not that the Hornets were good before but Jordan has mismanaged the team, turning them into the laughingstock of the league. In his second full season of ownership, 2011-12, the Hornets won seven games. Additionally, the team has had just three winning seasons and two playoff appearances. Now, it looks as if a new era is beginning in Charlotte.
Jordan Sells The Hornets
Jordan has made it no secret that he is looking to part ways with the Hornets for some time. However, June 16 marked a major breakthrough on that front. ESPN‘s Adrian Wojnarowski revealed that Jordan had finalized a deal to sell the team. The sale, which is for an as-yet undisclosed amount, will see an ownership group led by Gabe Plotkin and Rick Schnall take the reins. Plotkin is a co-founder of the somewhat infamous venture capital firm Melvin Capital. Meanwhile, Schnall is co-president of the private equity firm Clayton, Dubilier, & Rice. Additionally, Schnall owns a minority stake in the Atlanta Hawks.
The news coincided with major rumors about the team’s immediate future. Marc Stein has reported that the Hornets are in talks with the New Orleans Pelicans about a major trade. The anchor of this deal will see 2019 first-overall pick Zion Williamson head to Charlotte in exchange for the second-overall pick in this year’s draft. Adding Williamson, who is an elite, MVP-caliber player when healthy, could be the immediate reverse of fortune that the Hornets desperately need. There are multiple developing stories happening in Charlotte and we’ll have updates on all of them here at HotNewHipHop.
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