You probably haven't heard anyone call them "the Bobcats" in a decade, but the question of who owns the bobcats actually unearths one of the weirdest ownership sagas in professional sports. If you're looking for a guy named Bob who owns a team of cats, you're in the wrong place. We're talking about the NBA franchise in North Carolina that spent ten years in a literal identity crisis before reverting to their original name, the Hornets.
Currently, the team formerly known as the Bobcats is owned by a massive investment group led by Rick Schnall and Gabe Plotkin. They aren't household names like the guy they bought the team from, but they are the ones signing the checks now. This wasn't some quiet handoff, either. It was a $3 billion earthquake that ended the era of the most famous athlete on the planet running the show in Charlotte.
The Billion-Dollar Handshake: Who Owns the Bobcats Today?
In August 2023, the NBA Board of Governors officially greenlit the sale of the Charlotte Hornets (the team that was the Bobcats from 2004 to 2014) to a group of buyers. Rick Schnall, a private equity heavyweight from Clayton, Dubilier & Rice, and Gabe Plotkin, the founder of Tallwoods Capital, are the big bosses.
They didn't just buy a team; they bought a piece of Michael Jordan’s legacy. Jordan had been the majority owner since 2010. He’s still around, hanging out in the background as a minority owner, but he doesn't have the final say anymore. The keys to the gym belong to Schnall and Plotkin.
The structure is kinda unique. They alternate as the team’s "governor" (the person who represents the team at league meetings) every five years. Schnall took the first shift. It’s basically a tag-team approach to running a professional basketball team.
Wait, Why Are People Still Asking About the Bobcats?
The "Bobcats" name officially died in 2014. It was a mercy killing, honestly. The brand was associated with some of the worst basketball ever played—including the 2011-2012 season where they went 7-59. That is a .106 winning percentage. It’s hard to be that bad on purpose.
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When the New Orleans Hornets decided they wanted to be the "Pelicans," the Charlotte front office jumped at the chance to get their old name back. The city loved the Hornets. They tolerated the Bobcats.
So, when you ask who owns the bobcats, you’re technically asking about the ownership of the Charlotte Hornets franchise. The name might be in a landfill somewhere, but the legal entity and the roster belong to the Schnall-Plotkin group.
The Celebrity Connection
One of the coolest parts about the new ownership is the "hometown hero" vibe. The group isn't just a bunch of suits in New York. It includes some heavy hitters from the Carolinas:
- J. Cole: The Grammy-winning rapper who actually grew up in Fayetteville.
- Eric Church: The country music star and massive UNC fan.
- Michael Jordan: Still owns a slice, even if he’s not the majority guy.
It’s a weirdly diverse group. You’ve got hedge fund managers, a GOAT basketball player, and a guy who writes songs about drinking beer on a Friday night.
The Michael Jordan Era (2010–2023)
You can't talk about who owns the bobcats without looking at the MJ years. Jordan bought the team from Robert L. Johnson (the founder of BET) in 2010 for about $275 million.
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It was a big deal. He was the first former player to become a majority owner of an NBA team. People thought, "If anyone can turn this around, it’s MJ."
Narrator: He did not turn it around. While Jordan was a wizard on the court, his tenure as an owner was... let's call it "challenging." The team struggled to attract big-time free agents. Draft picks didn't always pan out. But from a business perspective? Jordan is a genius. He bought the team for $275 million and sold the majority stake for a valuation of $3 billion. That is a monstrous profit.
From Robert Johnson to the Modern Era
If we go all the way back to the beginning, the Bobcats were founded by Robert L. Johnson. He won the expansion bid in 2002 after the original Hornets moved to New Orleans.
Johnson was a pioneer, being the first Black majority owner in major American sports. He named the team the "Bobcats" largely because his name was Bob. Seriously. It was a bit of an ego trip that never really sat right with the fans in Charlotte.
The timeline looks like this:
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- 2004–2010: Robert L. Johnson owns the expansion Bobcats.
- 2010–2023: Michael Jordan takes over, rebrands them to the Hornets in 2014.
- 2023–Present: Rick Schnall and Gabe Plotkin lead the new majority group.
What This Means for the Future
The new owners aren't just sitting on their hands. They've already committed to a massive renovation of the Spectrum Center and building a brand-new, state-of-the-art practice facility. They are trying to wash away the "Bobcats" stank once and for all.
They hired a new head coach, Charles Lee, and a new front office led by Jeff Peterson. The goal is simple: stop being the team that everyone forgets about and start being a destination.
Honestly, ownership is the biggest factor in whether a small-market team succeeds or fails. If Schnall and Plotkin are willing to spend the money that Jordan sometimes hesitated to drop, the "Bobcats" history might finally become a footnote rather than a cloud hanging over the city.
Practical Takeaways for Fans
If you're following the team or just curious about how sports business works, here's what you need to know about the current state of the franchise:
- Don't call them the Bobcats. Unless you're trying to annoy a local, the name is dead. They are the Hornets, and they officially own all the history of the original 1988-2002 team now too.
- Watch the Governor rotation. Rick Schnall is the guy in charge right now. In a couple of years, Gabe Plotkin will take the lead. This "alternating" ownership is rare, and it'll be interesting to see if it causes any friction in how the team is run.
- Expect higher spending. The new group paid $3 billion. You don't spend that kind of cash to be cheap on the roster. Look for them to be more aggressive in trades and free agency than the previous regime.
- Check out the arena. If you're in Charlotte, the renovations are part of the deal to keep the team in the city through 2045. The "Bobcats" era arena is getting a much-needed facelift.
The transition from a single legendary owner like Jordan to a corporate-heavy but locally-connected investment group is the new trend in the NBA. It might not have the "star power" of the #23, but for fans who just want to see a winning product, it’s probably the best thing that could have happened.