michael jordan sells majority stake in Charlotte Hornets in roughly $3 billion deal

Michael Jordan has agreed to sell an 80% stake in the Charlotte Hornets to an investment group led by Gabe Plotkin and Rick Schnall, a transaction valued at about $3 billion that transfers control of the franchise while keeping Jordan in a minority ownership role. The deal marks a major shift for a team long associated with basketball's most famous player.

Deal terms and immediate implications

The purchase transfers majority ownership to a group that brings deep Wall Street and private equity experience. The transaction value, widely discussed in financial circles, places the Hornets among the most expensive franchise sales in professional sports history. Under the agreement, Michael Jordan will retain a minority stake and remain connected to the franchise in an advisory and ambassadorial capacity rather than as the controlling owner.

Team operations are expected to transition over the coming months as the new ownership installs its executive leadership and lays out short- and long-term strategies. Observers note that new capital could accelerate investments in the roster, analytics, and the team’s arena footprint — although strategic priorities will be announced by the new ownership group once the league’s formal approval process concludes.

What this means for the Hornets, the city and Jordan's legacy

For Charlotte, new majority owners often bring renewed focus on franchise value creation: upgraded facilities, refreshed marketing, and a push to build a playoff-capable roster. Local stakeholders and civic leaders will be watching for commitments around community engagement and downtown economic impact tied to arena activity.

For the franchise on the court, the immediate question is whether new ownership will prioritize aggressive roster investment or take a longer-term, analytics-driven rebuild. The Hornets have struggled to sustain consistent contention; ownership changes in the NBA often lead to roster turnover and fresh front-office hires aimed at altering competitive trajectory.

Michael Jordan’s decision to relive a minority role does not erase his imprint on the franchise or the sport. He remains one of basketball’s most influential figures and a defining part of the Hornets’ identity. Retaining a stake and an advisory title allows Jordan to continue to be involved without carrying day-to-day operational responsibilities.

Financial context and market ripple effects

The sale price underscores growing valuations for professional sports teams amid a market that has favored stable, long-term investors. Competitive bidding and the scarcity of NBA franchises for sale have pushed prices upward, creating a benchmark for future ownership transactions.

Beyond immediate financials, ownership transitions can reshape labor, sponsorship and media strategies for a franchise. New owners often leverage corporate relationships and investment clout to expand commercial opportunities, an effect that could increase revenue streams for the Hornets and alter how the team engages regional and global fans.

The league will complete its customary approval process, which includes vetting the new owners’ financial background and confirming their commitment to franchise obligations. Once approved, the group will finalize operational plans and public-facing leadership roles.

As the Hornets prepare for a new chapter, attention will center on how quickly the new ownership moves from acquisition to action — on roster decisions, staffing, community commitments and plans to increase the club’s competitiveness. For Michael Jordan, the transition signals a shift from headline-making owner to a strategic minority partner, preserving his link to Charlotte while enabling a new era of investment and direction for the franchise.