NBA Board of Governors approves Hornets sale, ending Michael Jordan’s tenure as majority owner: Source

What this means for the Hornets

This will close a famed but largely forgettable chapter in Hornets history. Charlotte went 423-600 during Jordan’s 13 full seasons as controlling owner — the .413 winning percentage was fifth-worst in the NBA then. They made the playoffs just twice and had only three winning seasons. There were five different head coaches — with two stints by Steve Clifford. During his time as owner, the Hornets were more so known for their small front offices and, lately, for their lack of spending, posting bottom-five payrolls in each of the last four seasons.

The new ownership group will take over at a potential turning point for the franchise. They selected former Alabama standout Brandon Miller with the No. 2 pick in the 2023 NBA Draft last month. They already have LaMelo Ball on the roster, who was an All-Star at 20. This could be the beginning of a new and more prosperous time for the franchise if the rebuild goes right.

Still, the loss of Jordan is meaningful. He is, after all, Michael Jordan — one of the NBA’s greatest players and ambassadors for the game. The NBA wants him involved.

“I wouldn’t know where to begin in terms of Michael Jordan’s contributions to this league,” NBA Commissioner Adam Silver said in March. “Frankly not just as a player but the role he has played as a governor over roughly the last decade.” — Vorkunov

Who are Plotkin and Schnall?

Plotkin, the founder and chief investment officer of Tallwoods Capital LLC, has been an alternate governor on the NBA Board of Governors since 2019. He has held a minority stake in the Hornets franchise since 2019.

Schnall, the co-president of Clayton, Dubilier & Rice LLC, was a “significant minority owner” of the Atlanta Hawks.

Backstory

Charlotte finished 14th in the Eastern Conference with a 27-55 record last season. The Hornets have had just three winning campaigns in Jordan’s 13 years as majority owner.