The Charlotte Hornets are a professional basketball team in the National Basketball Association (NBA) based in Charlotte, North Carolina, United States. The franchise competes in the Eastern Conference, Southeast Division. Over the years, they have built their identity around the “Buzz City” branding and have become a recognized presence in the NBA.
Ownership Status of the Charlotte Hornets
There is no single private owner of the Charlotte Hornets. Since the team is a member franchise of the NBA, ownership is held by a group of investors. At present, the majority ownership of the Hornets is held by a buyer group led by Gabe Plotkin and Rick Schnall, who purchased the majority stake from the legendary former player Michael Jordan in August 2023.
Major Shareholders
| Shareholder / Entity | Ownership Status | Notes |
|---|---|---|
| Gabe Plotkin & Rick Schnall (lead) | Majority shareholders | Led purchase of majority stake in August 2023. |
| Michael Jordan | Minority shareholder | Retains a minority stake after selling majority ownership. |
| Other investors (in buyer group) | Minority participants | The buyer group includes other investors alongside Plotkin & Schnall. |
Note: The remaining shares are held by various investors within the group and possibly other minority owners.
About The Gabe Plotkin
Gabe Plotkin is an American hedge-fund manager and investor. He founded Melvin Capital Management in 2014 and later established the family‐office firm Tallwoods Capital LLC.
He became a minority owner of the Charlotte Hornets in 2019 and in 2023 led a group that purchased the majority stake in the Hornets from Michael Jordan.
Gabe Plotkin Net worth: Estimates of Plotkin’s net worth vary. Some sources put it at around US $400 million. Others list higher figures, e.g., approximately US $500 million. Given the private nature of many of his holdings, the exact number isn’t confirmed.
Key context:
- His firm Melvin Capital used to manage billions of dollars in assets.
- Melvin suffered significant losses during the 2021 GameStop short-squeeze episode.
- Despite that, his move into sports (the Hornets) marks a shift into long-term asset ownership rather than purely hedge fund trading.
- His net worth estimate must be understood in the context of fluctuating hedge-fund profits, illiquid investments and large commitments (such as the Hornets purchase).
About The Rick Schnall
Rick Schnall is an American private-equity executive. He serves as co-president of Clayton, Dubilier & Rice (CD&R), a well‐known U.S. private‐equity firm.
He was part of the buyer group, alongside Gabe Plotkin, that acquired the majority stake in the Charlotte Hornets in 2023.
Rick Schnall Net worth: Rick Schnall’s net worth is less reliably documented compared to many public figures. Some sources suggest a minimum of US $5 million, but note this is likely a significant under-estimate given his business background.
One source projecting into 2025 estimates his net worth around US $500-600 million, but this remains speculative and based on unverified modelling.
Key context:
- As a private-equity executive, Schnall’s wealth is likely tied up in carried interest, firm equity, and long-term investments rather than short‐term public disclosures.
- His involvement in the Hornets acquisition indicates access to significant capital (either his own or via investors) and willingness to invest in sports franchises.
- The low public estimate of “at least $5 million” should not be taken as definitive; his actual assets are likely much larger, but not publicly broken out.
Key Shareholder Highlights
- Gabe Plotkin is the founder of an investment management firm and had previously taken a minority stake before this majority purchase.
- Rick Schnall is a private-equity executive who partnered in the deal.
- The transaction marked the end of Michael Jordan’s 13 year run as majority owner of the franchise.
Recent Developments in Ownership
In June 2023, Michael Jordan agreed to sell his majority stake in the Hornets to the buyer group led by Plotkin and Schnall, for a franchise valuation of approximately US$3 billion. The sale was formally approved by the NBA Board of Governors and completed in August 2023. As part of the deal, Jordan remains a minority owner.
Since the change in majority ownership, the new owners have indicated plans for investment in the organisation and facilities, signalling the start of a new era for the franchise.
FAQs
1. Who is the current owner of the Charlotte Hornets?
There is no single owner. The majority ownership is held by a group led by Gabe Plotkin and Rick Schnall, while Michael Jordan retains a minority stake.
2. Is the Charlotte Hornets team publicly traded or privately owned?
The team is privately owned (i.e., membership in the NBA rather than a publicly traded company).
3. Who sold the majority stake and when?
Michael Jordan sold his majority stake in June 2023 (completed in August 2023) to the buyer group led by Plotkin and Schnall.
4. Has the ownership changed recently?
Yes — the significant change was in 2023 when majority ownership shifted from Michael Jordan to the new investor group.