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The $3 Billion Question: Did Michael Jordan Own The Bobcats, And What Happened To His NBA Team?

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The simple, most current answer to "does Michael Jordan own the Bobcats?" is no, he does not. The team, which was known as the Charlotte Bobcats when he purchased his majority stake, is now called the Charlotte Hornets, and Jordan officially sold his controlling interest in the franchise in August 2023. This monumental sale ended a 13-year run as the NBA's only Black majority owner, marking a significant—and highly profitable—chapter in the legend's post-playing career. As of late 2025, Michael Jordan no longer holds the reins of the team he once controlled, but he did not completely sever ties. The iconic basketball figure retained a minority share in the franchise, ensuring his legacy remains woven into the fabric of the Charlotte-based organization, even as a new era of ownership takes over. The transition was a major financial success for Jordan, turning an initial investment into a near-unprecedented profit in the world of professional sports.

Michael Jordan's Ownership Timeline: From Bobcats to Billion-Dollar Hornets Sale

The history of Michael Jordan's involvement with the Charlotte NBA franchise is a complex, multi-stage journey that began long before he became the principal owner. Understanding his tenure requires acknowledging the team's name change and the specific dates of his key transactions.
  • Initial Investment (2006): Jordan first became involved as a minority owner and Head of Basketball Operations for the Charlotte Bobcats, which was the second-largest shareholder behind majority owner Robert L. Johnson.
  • Majority Purchase (2010): On February 17, 2010, a group led by Michael Jordan purchased a majority share of the Charlotte Bobcats from Robert L. Johnson, officially making Jordan the principal owner and the first former NBA player to become a majority owner of a league franchise. The purchase price for the franchise was widely reported to be approximately $275 million.
  • The Name Change (2014): Jordan oversaw the successful effort to rebrand the team. In 2013, the Bobcats announced they would change their name back to the Charlotte Hornets for the 2014-2015 NBA season, a move that reconnected the franchise with the city's beloved original NBA team.
  • The Sale (2023): After 13 years as majority owner, Jordan finalized the sale of his controlling interest in August 2023 to a group led by Gabe Plotkin and Rick Schnall.
  • Current Status (Late 2025): Jordan remains a minority owner of the Charlotte Hornets.
This timeline clearly demonstrates that while Jordan did own the Bobcats, that era ended when he sold his majority stake in the now-renamed Charlotte Hornets.

The Massive Profit: How Jordan Turned $275 Million Into a $3 Billion Windfall

Michael Jordan's 13-year tenure as the majority owner of the Charlotte franchise may not have been a slam dunk on the court, but it was an undeniable, historic victory from a financial perspective. The numbers behind the 2023 sale are staggering and highlight the explosive growth in NBA franchise valuations over the last decade.

Financial Breakdown of the Sale

Jordan's initial investment to purchase the majority share of the Charlotte Bobcats in 2010 was approximately $275 million. By the time the sale was finalized in August 2023, the transaction valued the Charlotte Hornets franchise at approximately $3 billion. This sale represented a massive return on investment, with Jordan achieving a near 10-fold increase in the team's valuation. While the team's on-court performance was often criticized, Jordan's ownership coincided with a period of massive growth in the NBA's national television contracts, international appeal, and overall profitability, which drove the valuation sky-high. His status as a global icon also played an intangible role in the team's brand value, even during losing seasons. The $3 billion valuation made the sale one of the largest in NBA history at the time, solidifying Jordan's reputation not just as a player, but as a shrewd, successful businessman. Some reports noted that the profit from the Hornets sale was more than Jordan had ever made from his legendary Jordan Brand partnership, underscoring the magnitude of the deal.

The New Era: Who Owns the Charlotte Hornets Now?

The sale of Michael Jordan's controlling interest ushered in a new chapter for the franchise, placing the team under the leadership of a new, well-funded ownership group committed to revitalizing the organization.

The Controlling Owners: Gabe Plotkin and Rick Schnall

The majority stake in the Charlotte Hornets was purchased by a group led by two primary figures: Gabe Plotkin and Rick Schnall. * Gabe Plotkin: A co-founder of the investment management firm Tallwoods Capital, Plotkin was already a minority owner of the Hornets before the 2023 transaction. His increased role signals a deep commitment to the franchise's future. * Rick Schnall: A co-president of the private equity firm Clayton, Dubilier & Rice, Schnall was previously a minority owner of the Atlanta Hawks before joining the Hornets' controlling group. The new co-owners have already outlined plans for facility upgrades and a commitment to transforming the Hornets into a "premier franchise," focusing on long-term success and a renewed connection with the Charlotte community.

Notable Minority Owners

The ownership group is a consortium of several high-profile investors, which adds significant financial backing and diverse expertise to the franchise. The group includes several notable names from the worlds of music, entertainment, and business, such as:
  • Michael Jordan (retained minority share)
  • J. Cole (North Carolina native and music artist)
  • Eric Church (Country music star)
  • Chris Paul (NBA star)
  • Dan Sundheim (Hedge fund manager)
  • Amy Levine (Business executive)
The inclusion of influential figures like J. Cole and Eric Church brings a new level of cultural relevance and local connection to the team, which the new ownership hopes will translate into increased fan engagement and energy.

Jordan's Legacy: A Difficult On-Court Record

While the financial success of the sale is indisputable, the on-court record during Michael Jordan's 13-year majority ownership was often a source of frustration for the fanbase. The Bobcats/Hornets struggled to achieve consistent success in the competitive Eastern Conference. During his tenure as the principal owner, the team's overall regular season record was 423 wins and 600 losses. This resulted in a sub-.500 winning percentage and a lack of deep playoff runs. The team only managed to post three seasons with a winning record (above .500). The challenges faced by the franchise included struggles in the NBA Draft, difficulty attracting top-tier free agents, and frequent coaching changes. Despite these hurdles, Jordan's presence provided a constant, high-profile spotlight on the team. The rebranding back to the Hornets name was arguably the most significant non-financial win of his tenure, restoring a cherished identity to the city's basketball landscape. In conclusion, the question of "does Michael Jordan own the Bobcats?" is a journey through NBA history. He did own the Bobcats, but that team is now the Hornets. He was the majority owner for 13 years, but he sold his controlling stake in 2023 for a massive profit, retaining only a minority share. The future of the Charlotte Hornets is now in the hands of Gabe Plotkin and Rick Schnall, as the franchise looks to build a winning culture on the foundation of Jordan's historic financial success.
does michael jordan own the bobcats
does michael jordan own the bobcats

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