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 yea