If you’re still thinking about Michael Jordan when someone asks who owns the Charlotte Hornets, you're honestly a couple of years behind. It’s a common mistake. Jordan was the face of the franchise for thirteen years. He was the first former player to ever become a majority owner in the NBA. He’s the GOAT. But that era is over.
Actually, the keys to the Spectrum Center were handed over in August 2023. The team isn't owned by just one "guy" anymore. It’s a group. A big, wealthy, and somewhat complicated group.
The New Faces in Charge: Schnall and Plotkin
The heavy hitters running the show now are Gabe Plotkin and Rick Schnall.
They didn't just buy a team; they bought a vision at a $3 billion valuation. That’s a staggering jump considering Jordan paid roughly $275 million for his majority stake back in 2010. Talk about a return on investment.
Rick Schnall comes from the world of private equity. He’s the co-president of Clayton, Dubilier & Rice. If that sounds like a law firm or a boring office building, basically, they’re just massive investors. Schnall isn't new to the NBA world, either. He used to be a minority owner for the Atlanta Hawks. He’s been in the room where it happens for a long time.
Then you have Gabe Plotkin. He’s the founder of Tallwoods Capital. You might recognize his name from the whole GameStop short squeeze saga a few years back when he was running Melvin Capital. He had already bought a minority piece of the Hornets in 2019, so he was familiar with the "Buzz City" culture before taking the plunge into majority ownership.
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How the power sharing works
The NBA usually likes a clear "Governor"—the person who has the final say. With this duo, they’re doing something a bit different. They alternate.
- Rick Schnall started as the primary Governor.
- Gabe Plotkin acts as the Co-Chairman.
- They plan to rotate the governorship every five years.
It’s a tag-team approach. They’ve both said they want to turn Charlotte into a winner, something that (honestly) rarely happened under Jordan’s watch.
Is Michael Jordan still involved?
Yes. Sorta.
Jordan didn't just walk away and delete everyone's number. He kept a minority stake in the team. He’s still an alternate governor. But he’s no longer the guy making the calls on draft night or deciding who the next head coach is.
He’s basically the legendary uncle who still owns a piece of the family business but doesn't show up to the Tuesday morning meetings. His focus has shifted elsewhere—like his 23XI Racing NASCAR team and his various other business ventures.
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The "Star-Studded" Minority Owners
What makes the Charlotte Hornets ownership group really interesting isn't just the billionaires. It’s the local flavor. The group brought in some heavy hitters from the North Carolina community to make it feel like a "homegrown" project.
J. Cole, the Grammy-winning rapper from Fayetteville, is part of the group. So is Eric Church, the country music superstar who’s a die-hard North Carolinian. Having them involved adds a level of "cool" that a private equity firm just can't provide on its own.
The full list of investors is actually pretty long:
- Dan Sundheim (D1 Capital)
- Chris Shumway
- Ian Loring
- Dyal HomeCourt Partners
- Amy Dawson and Damian Mills (Local Charlotte business leaders)
It’s a diversified portfolio. They wanted people with deep ties to the Queen City.
Why did Jordan sell anyway?
People love to speculate. Was he bored? Was he tired of losing?
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Honestly, the math just made too much sense to ignore. When you can turn $275 million into a $3 billion valuation, you take the money. Under Jordan’s tenure, the Hornets only made the playoffs three times. They never won a playoff series. The on-court product was, frankly, mediocre most of the time.
The new ownership has already been more aggressive. They hired Jeff Peterson as the Executive Vice President of Basketball Operations and brought in Charles Lee as the head coach. They’re spending money on the Spectrum Center renovations. They’re building a brand-new, standalone practice facility. These are things fans had been begging for for years.
What this means for the future
If you're a fan, the ownership change is a breath of fresh air. Schnall and Plotkin aren't just looking for a vanity project; they’re treating this like a high-growth business.
They’ve inherited a core built around LaMelo Ball and Brandon Miller. The goal now is stability. No more revolving doors for coaches. No more questionable mid-tier free agent signings that clog the salary cap.
The "who owns the Charlotte Hornets" question is simple on the surface but shows a lot about where the NBA is going. It's less about the individual "owner" and more about massive investment groups with local celebrity faces to keep the fans engaged.
Actionable Insights for Fans and Investors
- Follow the Money: Watch the Spectrum Center renovations. The city of Charlotte put up $275 million for this, and the owners are matching that energy with a new practice facility. This suggests they are committed to the city until at least 2045.
- Watch the Governor Cycle: Since the leadership rotates every five years, pay attention to the shift in 2028. Different leaders often bring different priorities to the front office.
- Look for Community Events: With J. Cole and Eric Church in the mix, expect more "culture" crossover events at the arena. They are trying to make the Hornets a lifestyle brand, not just a basketball team.
Keep an eye on the injury reports for LaMelo and the development of the young core. Ownership can write the checks, but the players still have to win the games.
To stay updated on the team's progress, you should track the official NBA Board of Governors' meeting minutes or follow local Charlotte business journals that monitor the team's real estate developments in Uptown.