On August 4th, Beijing time, the Hornets officially announced that the former boss Michael Jordan had sold most of the shares of the team, and the Hornets boss officially became a group led by Gaby Plotkin and Rick Schnarr.
Jordan became the small owner of the Bobcats, the predecessor of the Hornets, in 2006. In 2010, Jordan spent $275 million to become the largest shareholder of the team and became the only black owner in the entire NBA.
After holding the Hornets for 13 years, Jordan finally decided to sell the team. Jordan decided to sell the Hornets to a group led by Gaby Plotkin and Rick Schnarr. The shares sold this time were valued at about $3 billion, and Jordan kept a small stake.
With the approval of the NBA board of directors, the deal was officially completed today, and the Hornets officially changed owners. The Hornets also held a press conference for new owners Gaby Plotkin and Rick Schnarr today.
Jordan wrote in the official statement: "In the past 13 years, I feel extremely honored to have the opportunity to become a major shareholder of my hometown team, the Charlotte Hornets in North Carolina. I am proud of all the achievements of the team: exciting on-court moments, the return of the Hornets’ team name, Charlotte hosting the 2019 NBA All-Star Game, and Hornets Sports Entertainment Company becoming a real pillar of the community. Over the years, the unflinching commitment, enthusiasm and loyalty of Hornets fans are unbelievable. At the same time of my transition to minority shareholders, I am very happy to hand over power to two successful, innovative and strategic leaders, Gaby and Rick. I know that the Hornets will keep moving forward under strong management. I am excited about the future of the team and will continue to support the team and the community in my new role in the next few years. "