Jordan sells part of Hornets ownership

[Buzzzz]

September 14, 2019 – Hornets Sports & Entertainment Chairman Michael Jordan today announced that Gabe Plotkin, Founder and Chief Investment Officer, Melvin Capital, and Daniel Sundheim, Founder and Chief Investment Officer of D1 Capital, will join HSE as partners. The transaction is subject to NBA approval.

“I’m excited to welcome Gabe and Dan as my partners in Hornets Sports & Entertainment,” said Michael Jordan. “While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team’s NBA Governor, Gabe and Dan’s investment in the franchise is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA. Both Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for the game of basketball. They share my commitment to Charlotte and the Carolinas, and I look forward to working with and learning from them.”

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[UNCNYC]

My only wish is that Gabe and Dan took over all control of decision making

[therebirth]

Maybe MJ will eventually sell them the whole team and they will then move to Seattle. Be careful what you wish for!

[316Hornets]

I'll take this as a good sign that Jordan isn't going to mess up the tank because his pockets are empty.

[catch20two]

Smart man.

[LofJ]

I need more information about these people so I can ascertain their likely intentions.

[Hornet Mania]

Yeah, as long as the new minority owners aren't just angling to move the team like Ray Woolridge did when he joined George Shinn's ownership group back in the day then I don't really care. When or if MJ eventually sells controls it needs to be with 100% certainty the franchise remains in Charlotte.

The city supports the team well, particularly well considering how much of a hopeless **** show it has been this century. The media can take their Seattle boner somewhere else.

[LKN]

Seems like a no brainer for MJ. He's probably going to make more than his entire initial investment back while still holding a controlling share.

It's really amazing what a crazy good deal he got when he bought the team.

[hotrod]

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[Robot Rock]

This is how it starts.

[tondi123]

This is how it starts.

I agree. Wouldnt surprise me to see him completely gone within the next few years.

[-Ian-]

Let's see how the people here would react when Jordan goes out and the new ownership group decides to move this team elsewhere.

[Robot Rock]

Let's see how the people here would react when Jordan goes out and the new ownership group decides to move this team elsewhere.

LOL I got flamed for this by dozens of posters and now they're coming around to the distinct possibility.

[LofJ]

I don't see a reason to act all chicken little because MJ cashed out some of his equity in the team. I can't keep the team in Charlotte anyway, I have no control over that, so what's the point in worrying about it?

[316Hornets]

I haven't ran the numbers, but I doubt very seriously this team will ever move. Charlotte is one of the fastest growing cities in the country and as a sports team, not really competing with much besides the college basketball teams a couple hours away. I know fan support hasn't been spectacular, but it's going to take people a little while to come around to the new branding.

I'm also of the opinion that the Carolina Panthers have driven some fans away with some of the players they currently showcase so for some people, the Hornets are the only show in town.

[BigSlam]

So MJ pulls in a couple of high rollers to help carry some of the financial responsibilities of owning a professional sporting organization while still remaining as "the man" and being authority over all decisions?

Smart move by MJ.

[Liver_Pooty]

I haven't ran the numbers, but I doubt very seriously this team will ever move. Charlotte is one of the fastest growing cities in the country and as a sports team, not really competing with much besides the college basketball teams a couple hours away. I know fan support hasn't been spectacular, but it's going to take people a little while to come around to the new branding.

I'm also of the opinion that the Carolina Panthers have driven some fans away with some of the players they currently showcase so for some people, the Hornets are the only show in town.

I know the ganes are technically "sold out", but there have been quite a few empty seats first 2 games for the Panthers. I agree.

[Chapelchilla]

I think this was actually pretty shrewd timing on Mj's part. Sell off part of the team while the books look much better (decent recent attendance and ALL STAR game revenues in the books) then they will after a couple of years of tanking and empty seats. Sell a chunk at max value to cover the losses you are gonna have for the coming tank years.

[Robot Rock]

I haven't ran the numbers, but I doubt very seriously this team will ever move. Charlotte is one of the fastest growing cities in the country and as a sports team, not really competing with much besides the college basketball teams a couple hours away. I know fan support hasn't been spectacular, but it's going to take people a little while to come around to the new branding.

I'm also of the opinion that the Carolina Panthers have driven some fans away with some of the players they currently showcase so for some people, the Hornets are the only show in town.

I've lived in the Charlotte area for eight and a half years. I know literally no one who considers the Hornets the only show in town in terms of pro sports. Some may disagree with signing Eric Reid, but no one who dislikes that to the point of boycotting would also move to the NBA, which is far more political.

[316Hornets]

I haven't ran the numbers, but I doubt very seriously this team will ever move. Charlotte is one of the fastest growing cities in the country and as a sports team, not really competing with much besides the college basketball teams a couple hours away. I know fan support hasn't been spectacular, but it's going to take people a little while to come around to the new branding.

I'm also of the opinion that the Carolina Panthers have driven some fans away with some of the players they currently showcase so for some people, the Hornets are the only show in town.

I've lived in the Charlotte area for eight and a half years. I know literally no one who considers the Hornets the only show in town in terms of pro sports. Some may disagree with signing Eric Reid, but no one who dislikes that to the point of boycotting would also move to the NBA, which is far more political.

You're probably right. It just seems to me that there's a lot of fans souring on the Panthers, not just because of Reid, but the Richardson drama, Coach/GM getting stale, and Cam appearing to lose some of his superpowers. Concussions have been talked about a lot recently too and I think some parents are going to start steering their children away from football into a safer sport to play like basketball or soccer.

My main point is I think the Hornets are in a good position and the outlook for the city is positive compared to some of the other teams in the league that could probably be had for less money.