Michael Jordan ‘proud’ of Hornets’ accomplishments as sale of NBA team is finalized

Michael Jordan’s reign as majority owner in the NBA is formally over.

The Charlotte Hornets on Thursday announced the NBA’s board of governors officially approved Jordan’s sale of a majority stake in the franchise to Rick Schnall and Gabe Plotkin, which comes a little over a week after word initially broke that the transaction worth a reported $3 billion was done.

With Schnall and Plotkin now in charge, it marks the end of Jordan’s tenure as the organization’s chief decision-maker — a role he’s held since 2010 when the Hall of Famer paid Bob Johnson roughly $180 million to gain majority control of the then-named Charlotte Bobcats, acquiring roughly 65% of the expansion franchise’s equity from Johnson. Jordan still holds a minority ownership and will also serve as the alternate governor.

In a statement, Jordan said he was grateful for the chance to guide the team for a decade-plus.

“The opportunity to be the majority owner of the Charlotte Hornets in my home state of North Carolina for the last 13 years has been a tremendous honor,” Jordan said. “I’m proud of all that the organization accomplished: the exciting on-court moments, the return of the Hornets name, Charlotte hosting the 2019 NBA All-Star Game and HSE becoming a true pillar of this Community.

“Through the years, the unwavering commitment, passion and loyalty of our Hornets fans has been incredible. As I transition into a minority ownership role, I’m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick. I know the Hornets organization is in great hands moving forward. I’m excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead.”

Under Jordan, the Hornets compiled a 423-600 mark and posted just three seasons above .500 — and only once since 2017 — and reached the playoffs three times. During that span, the Hornets had five head coaches, and that includes two stints for current head man Steve Clifford. Charlotte also boasts the longest playoff drought in the NBA, which has surpassed seven years, and wasn’t very active during free agency this summer.

Schnall and Plotkin face a tall task in making the Hornets a perennial winner as they build the roster around star point guard LaMelo Ball. The two headline the new ownership group that also includes rapper J. Cole, country music singer-songwriter Eric Church, Dan Sundheim, Chris Shumway, Ian Loring, Dyal HomeCourt Partners, Amy Levine Dawson and Damian Mills.

The sale also includes managing and operating Spectrum Center, the Hornets’ NBA G League affiliate Greensboro Swarm, and the franchise’s NBA2K League team Hornets Venom GT.

In a joint statement, Schnall and Plotkin and said they plan to take the team to greater heights.

“We want to thank Michael for this opportunity, as well as his support throughout this process. During his ownership, he brought stability to the Hornets franchise, achieved many business milestones, reconnected and reinvested in the Charlotte community and has the organization positioned for greater success. We look forward to building upon this success in the years to come.

“As lifelong fans of the game of basketball and the NBA, we’re well aware of the importance of the sport in the Carolinas and we’re thrilled to take a controlling stake in the Hornets. We’re excited about the organization’s future. Charlotte is a great city and a thriving sports town. The Hornets fan base is one of the most passionate in all of sports. It is a privilege to own an NBA team. We understand the Hornets are a community asset and it is our responsibility to be good stewards for this franchise representing our community and entire fan base.

“Our vision is to take the Hornets to the next level, both on and off the court. We will look to build a highly competitive basketball team, develop innovative business practices, give back to our community and connect with our fans. We plan to further invest in the team, the facilities and the fan experience, with the goal of delivering a winner to our fans throughout the Carolinas. We are confident that our successful business backgrounds and our previous experience as NBA minority owners will be beneficial as we shape the future of the franchise as a best-in-class organization.”

Schnall and Plotkin will be introduced during a press conference at the arena at 1 p.m. Thursday.