Quick Facts: Charlotte Hornets
| Current Owners | Gabe Plotkin & Rick Schnall (co-chairs) |
| Ownership Type | Private |
| Deal Closed | August 2023, ~$3 billion valuation |
| Previous Majority Owner | Michael Jordan (2010–2023) |
| Michael Jordan’s Current Stake | Minority owner |
| Notable Minority Investors | J. Cole, Eric Church |
| Franchise Founded | 1988 (original Hornets) |
Who Owns the Charlotte Hornets?
Gabe Plotkin and Rick Schnall lead the ownership group that bought majority control of the Charlotte Hornets from Michael Jordan, with the sale finalized in August 2023 at roughly a $3 billion valuation.
Plotkin and Schnall serve as co-chairs of Hornets Sports & Entertainment and agreed to rotate the team’s official governorship every five years, with Schnall holding the role first.
Michael Jordan didn’t fully exit — he retained a minority stake after 13 years as majority owner, closing one of the more unusual ownership chapters in NBA history: a Hall of Fame player who went on to run a franchise for over a decade.
The buying group is unusually deep, including rapper J. Cole and country star Eric Church alongside investors Dan Sundheim, Chris Shumway, Ian Loring, Dyal HomeCourt Partners, Andrew Schwartzberg, and Charlotte locals Amy Dawson and Damian Mills.
Charlotte Hornets Ownership History
The Hornets name has an unusually tangled history — the original franchise left Charlotte entirely for eight years before the identity returned.
| Year | Event | Owner / Key Figure | Notes |
|---|---|---|---|
| 1988 | Original Hornets founded | George Shinn | NBA expansion team |
| 2002 | Team relocates to New Orleans | George Shinn | Later became the Pelicans; Hornets name/history stayed tied to the franchise |
| 2004 | Charlotte awarded new expansion team (Bobcats) | Robert L. Johnson | Johnson (BET founder) became the first Black majority owner of a major U.S. sports franchise |
| 2010 | Michael Jordan buys majority stake | Michael Jordan | Still known as the Bobcats at this point |
| 2014 | Renamed Hornets | Michael Jordan | NBA returned the Hornets identity to Charlotte; New Orleans team became the Pelicans |
| 2023–Present | Jordan sells majority stake, ~$3B valuation | Gabe Plotkin & Rick Schnall | Jordan retains minority stake |
About Gabe Plotkin & Rick Schnall
Gabe Plotkin built his career in hedge funds before turning to sports ownership, while Rick Schnall is a longtime private equity investor at Clayton, Dubilier & Rice.
The two structured the purchase as a genuine partnership rather than a single-controlling-owner model, splitting the governor role in five-year rotations — an increasingly common approach among newer NBA ownership groups looking to share both the financial risk and the decision-making.
Key Ownership Highlights
- The Hornets identity has a genuine gap in it: the original 1988 Hornets left for New Orleans in 2002, and Charlotte played eight seasons as the Bobcats before the NBA formally returned the Hornets name and history in 2014.
- Robert L. Johnson made history in 2004: as the first Black majority owner of a major U.S. professional sports franchise, a milestone independent of the Jordan era that followed.
- Michael Jordan’s ownership tenure was rare for a Hall of Famer: 13 years as majority owner, longer than most former-player-turned-owner situations in any major league.
- The 2023 sale brought in an unusually public group of minority investors: J. Cole and Eric Church stand out among the more typical private-equity names.
- Ownership is now explicitly shared, not singular: Plotkin and Schnall’s five-year rotating governorship is a structural departure from the single-controlling-owner model Jordan represented.
Frequently Asked Questions
Who owns the Charlotte Hornets now?
Gabe Plotkin and Rick Schnall lead the ownership group, following their purchase of Michael Jordan’s majority stake in August 2023.
Does Michael Jordan still own any part of the team?
Yes, he retained a minority stake after selling majority control.
Why did the Hornets play as the Bobcats for years?
The original Hornets relocated to New Orleans in 2002; Charlotte’s new 2004 expansion team was named the Bobcats until the NBA returned the Hornets name and history to Charlotte in 2014.
Who was Robert L. Johnson?
The BET founder who owned Charlotte’s team (as the Bobcats) starting in 2004, becoming the first Black majority owner of a major U.S. sports franchise.
What was the Hornets sale valued at?
Roughly $3 billion when the Plotkin-Schnall group’s purchase closed in August 2023.
Related Reading
See also our profile of fellow NBA franchise the Washington Wizards.
See also our profile of fellow NBA franchise the Phoenix Suns.