Quick Facts: Charlotte Hornets (NBA)
| Majority Owners | Gabe Plotkin & Rick Schnall |
| Previous Majority Owner | Michael Jordan (sold majority Aug 2023) |
| Acquisition Price | ~$3 billion (August 2023) |
| Ownership Type | Private |
| League | NBA (Eastern Conference, Southeast Division) |
| Home Arena | Spectrum Center, Charlotte, North Carolina |
| Founded | 1988 (original Charlotte Hornets); current franchise re-branded 2014 |
| Publicly Traded | No |
Who Owns the Charlotte Hornets?
The Charlotte Hornets are owned by Gabe Plotkin and Rick Schnall, who completed their acquisition of a majority stake in the team in August 2023 at a valuation of approximately $3 billion. The deal represented one of the highest valuations ever placed on an NBA franchise at the time of sale. Michael Jordan, who had been the controlling owner of the Hornets since 2010 and the first former NBA player to become the majority owner of an NBA franchise, sold his majority stake in the transaction but retained a minority interest. Rick Schnall serves as Governor of the franchise in its NBA governance structure. The team is privately held and is not publicly traded.
About the New Majority Owners
Gabe Plotkin is a hedge fund manager and founder of Melvin Capital Management, a New York-based investment firm. Plotkin is a notable figure in financial markets — Melvin Capital was the subject of intense scrutiny during the January 2021 GameStop short squeeze, which resulted in significant losses. Despite those headwinds, Plotkin pursued and completed the landmark Hornets acquisition. Rick Schnall is a private equity executive and co-chairman of Clayton, Dubilier & Rice, a prominent private equity firm. Schnall serves as the team’s Governor in NBA proceedings, the role that represents the ownership group in league affairs. Together, Plotkin and Schnall form the controlling ownership group, with Jordan retaining a minority stake.
Key Ownership Highlights
- Gabe Plotkin and Rick Schnall acquired a majority stake in the Charlotte Hornets in August 2023 at approximately $3 billion.
- Michael Jordan, who was the team’s controlling owner since 2010 and the first ex-NBA player to be a majority team owner, retained a minority interest after the sale.
- Rick Schnall serves as the franchise’s Governor (the team’s representative in NBA ownership proceedings).
- The Charlotte Hornets play home games at Spectrum Center in Charlotte, North Carolina.
- The franchise dates to 1988 as the original Charlotte Hornets; the current incarnation was rebranded as the Hornets in 2014 after previously being the Charlotte Bobcats.
Frequently Asked Questions
Who owns the Charlotte Hornets?
The Charlotte Hornets are majority-owned by Gabe Plotkin and Rick Schnall, who acquired the controlling stake in August 2023 for approximately $3 billion. Michael Jordan retained a minority interest after selling his majority position.
Did Michael Jordan sell the Hornets?
Yes. Michael Jordan sold his majority ownership stake in the Charlotte Hornets in August 2023. He had been the controlling owner since 2010. Jordan retained a minority interest in the team after the sale.
Is the Charlotte Hornets publicly traded?
No. The Charlotte Hornets are a privately held NBA franchise and are not listed on any stock exchange.
How much did the Hornets sell for?
The majority stake was valued at approximately $3 billion in the August 2023 transaction — one of the highest NBA franchise valuations at the time of the deal.
