“Although my love for the game of basketball and the NBA remain strong, now is the right time for me to hand over the reins and focus on my family, my personal interests and some new challenges.” With that statement, Michael Jordan bid adieu to a 13-year run of being the majority owner of an NBA franchise. Looking to continue with the sport that provided him the chance to earn immeasurable fame and wealth, ‘His Airness’ first brought a minority stake in the Charlotte Hornets back in 2006. The same transformed into a majority stake by 2010 after he and his ownership group forked over $275 million. When he finally sold that stake in 2023, his ownership group pocketed a whopping $3 billion. This was more than ten times what was invested for the majority stake. However, keeping the money factor aside, Jordan may have also wanted to ensure that the Hornets were being transferred into good hands.

After acquiring the majority stake, Jordan made it clear that “I plan to be very hands-on with this business. For me there’s a personal dimension to owning this team. I’m doing this because Carolina is, and always has been, home for me, and basketball is my main business.” He followed through, taking the responsibility of having a final say in all decisions, personally calling up players who are traded to the franchise, and making appearances during practice sessions. While he continues to remain as a minority owner, Jordan may have known that the new owners would have their way of doing things and implementing changes that would be in stark contrast to the ones belonging to his era. Unsurprisingly, that is what happened.

Let’s take a look at the Hornets’ post ‘His Airness.’

Who are the new owners of the Charlotte Hornets?

Michael Jordan sold his majority stake to businessmen Gabe Plotkin and Rick Schnall. Plotkin held a minority stake in the Hornets earlier, while Schnall had his money invested with the Atlanta Hawks. According to reports, Schnall had made use of his experience with real estate and construction planning to bring some big changes to the Atlanta franchise, such as leading the group on renovations and redesigns of the State Farm Arena.

While the former Hawks minority owner had no prior known connection with Jordan, Plotkin did, as his hedge fund, Melvin Fund, handled a significant portion of the NBA legend’s wealth. The same is what allowed him to partner up with Jordan in reportedly investing in GameStop stock. Unfortunately, the highly unexpected short squeeze of 2022 caused His Airness to reportedly lose $500 million of his money. Despite this, he found it right to hand over the reins to Plotkin.

According to ‘The Charlotte Obersever’, the new owners can be classified as ‘basketball junkies.’ Rick Schnall used to play recreational and “over-40” league basketball five times a week. Meanwhile, Gabe Plotkin simply “loves getting up shots.” They highlighted the same enthusiasm during their introductory press conference as Hornets majority owners. Throughout the half-hour session, they laid down their vision for how the Hornets should look a couple of years from now.

What plans did Michael Jordan’s successors have for the Charlotte Hornets?

Given the work that Schnall had done on Atlanta’s State Farm Arena, expectations were that some plans would be announced for Charlotte’s Spectrum Center as well. Sure enough, Schnall used the press conference to reveal that the arena will have a different vibe almost three years from now, stating “We’ll have many new areas and exciting places for people to go and it’ll have a North Carolina feel. That is underway. That is agreed to. The city has agreed to put the capital in and the project is well underway. It will start in earnest this summer in the back of the house, but next summer we’ll start to see some major changes.”

No concise plan had been created for improving the existing practice facility or creating a new one. The main focus of the new owners was to transform the Hornets into a championship contender, or at least a Top-10 franchise. After all, despite having a big name like Michael Jordan as the team owner, the Hornets only won 41.7 percent of their games during the 13 years, and made the playoffs only thrice. The owners set realistic goals in this regard, stating “Winning takes a lot of structure and it doesn’t happen overnight. We’ll try to position the business for success over the long term and try to make smart decisions.” With a focus on analytics, player development, strategy, and sports performance, Plotkin and Schnall hoped to do what even a former basketball player, and one of the best to ever be, couldn’t.

What changes have taken place since the ownership transfer?

The year since Gabe Plotkin and Rick Schnall stepped up, a major change has occurred throughout the overall management. Fred Whitfield, who had served as the President of Business Operations for 17 years, was one of the first people to be replaced. The person to take his position was Shelly Cayette-Weston, who herself had worked for the Cleveland Cavaliers organization for 12 years. By the current year, more changes were made as head coach Steve Clifford was replaced by former Bucks and Celtics assistant coach Charles Lee. Even the Vice President of Basketball Operations was not immune, as former Brooklyn Nets GM Jeff Peterson soon replaced three-time NBA champion Mitch Kupchak.

The owners didn’t waste much time in making improvements where it was possible. By January 2024, it was announced that a joint venture between Turner and Everett JV would undertake the $215 million renovation of the Spectrum Center. Spread over two off-seasons, renovations for this year reportedly involved widening the corridors, adding a new entrance/exit, and making changes to others so that the flow of visitors could be improved. With the relocation of the event-level clubs and the addition of a new club space, Charlotte fans can expect to see some major improvements to their home arena come the 2024-25 season.

No plans had been announced regarding a new practice facility. However, the ownership group still went ahead with a plan. In February, Hornets Sports & Entertainment (HSE) announced that they would spend between $70 million and $100 million to construct a practice facility near the Spectrum Center. By shifting $30 million of the investment solely to the new construction, the city of Charlotte is reportedly saving almost $5 million. The new management hired by the owners played a role in making some crucial changes before the February trade deadline.

By letting go of star players like Gordon Hayward and PJ Washington, the Hornets have gained over five new players. One of which is Stephen Curry’s brother Seth. On top of that, a 2027 FRP has also come their way, which may prove useful in the future.

The Charlotte Hornets ended their last season with a 21-61 record. The bar is low for the new owners at the moment. However, going lower than this record will not help in providing credibility to the changes that have been implemented under them.

Before you go, remember to check out this crossover between BG12 and Georgia Bulldogs star Silas Demary Jr.