If you follow the NBA, you know the Charlotte Hornets as the team with the teal jerseys, the buzzing arena, and one of the most passionate fan bases in the Southeast. But behind the court, the team has gone through one of the most dramatic ownership transitions in recent NBA history — from a six-time world champion who couldn’t build a winner to a new generation of business leaders determined to change that story.
So who owns the Charlotte Hornets today? Here is the complete, verified answer.
Who Owns the Charlotte Hornets Right Now in 2026?
The sale of the majority stake in the Charlotte Hornets from Michael Jordan to a group led by Gabe Plotkin and Rick Schnall was finalized on August 3, 2023. The purchase was made at an approximate $3 billion valuation.
Gabe Plotkin and Rick Schnall are the two majority co-owners of the Charlotte Hornets. They serve as co-chairs of Hornets Sports & Entertainment (HSE) and rotate the team’s governorship every five years, with Schnall going first. Schnall said he and Plotkin own “similar stakes” in the franchise, but he wouldn’t say who owns more. They treat it as an equal partnership.
Michael Jordan, who owned the team for 13 years, did not walk away entirely. Jordan retained a minority share in the ownership of the team and serves as an alternate governor.
Ownership and Key Stakeholders Details
| Owner / Stakeholder | Role | Stake | Key Detail |
|---|---|---|---|
| Gabe Plotkin | Co-Majority Owner & Co-Chair, HSE | ~Equal stake with Schnall | Founder of Tallwoods Capital LLC; NBA minority owner since 2019 |
| Rick Schnall | Co-Majority Owner & Co-Chair, HSE | ~Equal stake with Plotkin | Co-President of Clayton, Dubilier & Rice; first team governor |
| Michael Jordan | Minority Owner & Alternate Governor | Minority stake | Owned team for 13 years; sold majority for ~$3 billion in 2023 |
| J. Cole | Minority Owner | Undisclosed | North Carolina native rapper and entrepreneur |
| Eric Church | Minority Owner | Undisclosed | North Carolina native country music star |
| Chris Shumway | Minority Investor | Undisclosed | Founder of Shumway Capital |
| Dan Sundheim | Minority Investor | Undisclosed | Founder of D1 Capital Partners hedge fund |
| Ian Loring | Minority Investor | Undisclosed | Partner at Bain Capital |
| Dyal HomeCourt Partners | Minority Investor | Undisclosed | Sports-focused private equity platform |
| Amy Levine Dawson & Damian Mills | Local Charlotte Investors | Undisclosed | Charlotte-based community investors |
Who Are Gabe Plotkin and Rick Schnall?
These two names were not widely known outside of financial circles when the deal was announced — but both bring serious business credentials to the table.
Gabe Plotkin is a hedge fund founder and manager. He acquired a minority stake in the Hornets in 2019 before purchasing a majority stake in 2023. He is the founder and chief investment officer of Tallwoods Capital LLC and was previously a portfolio manager at SAC Capital Advisors under Steve Cohen — one of the most successful hedge funds in Wall Street history.
Rick Schnall is co-president of private equity firm Clayton, Dubilier & Rice, where he has worked for 27 years. He first met Michael Jordan about 20 years ago at the former Chicago Bulls star’s fantasy basketball camp, where he forged a relationship with the 14-time All-Star. Schnall has been a minority owner of the Atlanta Hawks and was involved in various aspects of the team-building process as well as the renovations to State Farm Arena.
Together, they bring decades of experience in finance, private equity, and sports ownership to Charlotte — and the early signs under their tenure are promising.
Michael Jordan’s Chapter: The 13-Year Era
Before Plotkin and Schnall, the Hornets belonged to one of the most famous athletes in human history.
On June 15, 2006, Michael Jordan, a former NBA player and member of the Naismith Basketball Hall of Fame, acquired a minority stake in the franchise and became its managing member of basketball operations. On February 17, 2010, an ownership group led by Jordan purchased a majority share of the franchise.
Jordan paid $275 million for a majority stake in the franchise in 2010. By 2023, that investment had grown to approximately $3 billion — a remarkable return on investment of more than 10 times his original purchase price.
But despite his legendary status as a player, Jordan never could build a consistent winner in Charlotte. During his 13-year tenure as majority owner, the Hornets went 423-600 and never won a playoff series.
Jordan said in a news release that it was a “tremendous honor” to own the Hornets and didn’t give an explanation for why he sold the franchise. “As I transition into a minority ownership role, I’m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick,” Jordan said.
How the Deal Came Together
The buyer group was led by Gabe Plotkin and Rick Schnall, and included rapper J. Cole and country music artist Eric Church, as well as Dan Sundheim, Chris Shumway, Ian Loring, Dyal HomeCourt Partners, Andrew Schwartzberg, and local Charlotte-based investors Amy Dawson and Damian Mills.
The four core deals involved the acquisition of the controlling interest in the Hornets from Jordan; the investment in the buyer group by various investors; obtaining debt financing from institutional lenders; and obtaining the NBA’s approval of the transactions. The NBA Board of Governors approved the new ownership group with a 29-1 vote.
The deal closed on August 3, 2023 — formally ending one of the most storied chapters in franchise history and beginning a new one.
The Franchise History: From George Shinn to Michael Jordan to Today
The Charlotte Hornets franchise was established in 1988 as an expansion team owned by George Shinn. In 2002, Shinn moved the franchise to New Orleans, where they began play as the New Orleans Hornets, later rebranding as the Pelicans in 2013. The team would return as an expansion team, known as the Charlotte Bobcats, in the 2004–05 NBA season.
In 2013, following the rebranding of the New Orleans Hornets to the Pelicans, the Bobcats announced they would begin playing under the Charlotte Hornets name in the 2014–15 season. Along with the name, the Charlotte Hornets also received the records of the original Hornets franchise, making them, statistically, one continuous NBA team.
The Hornets Under New Ownership in 2026
The early results under Plotkin and Schnall are genuinely exciting for Charlotte fans.
Charlotte’s attendance grew 9% from last season — the largest jump in the league. Spectrum Center set a building record with 25 sellouts, including 15 straight to end the year.
Rick Schnall said: “We’re in a great place. We’re ahead of plan, we’re winning games… our culture is moving in the right direction. We’ve got really good young players… we’re exactly where we want to be.”
Gabe Plotkin and Rick Schnall led a group that took over the Hornets in 2023 in a $3 billion deal. The team is now pushing for the playoffs after a decade-long drought, with young stars like LaMelo Ball and rookie Kon Knueppel leading the charge.
The Charlotte Hornets are owned by a large investor group led by Gabe Plotkin (founder of Tallwoods Capital) and Rick Schnall (co-president of Clayton, Dubilier & Rice), who purchased the majority stake from Michael Jordan in a deal valued at approximately $3 billion in August 2023. Jordan remains a minority owner and alternate governor. The ownership group also includes notable cultural figures like J. Cole and Eric Church, alongside several Charlotte-based community investors.
Under new ownership, the Hornets are showing real promise in 2026 — breaking attendance records, pushing for the playoffs, and building the kind of winning culture that has eluded this franchise for most of its history.
Frequently Asked Questions (FAQs)
Q1. Who owns the Charlotte Hornets in 2026?
Gabe Plotkin and Rick Schnall are the majority co-owners, having purchased the team from Michael Jordan in a $3 billion deal finalized on August 3, 2023.
Q2. Does Michael Jordan still own the Hornets?
No. Jordan sold the majority stake but retains a minority ownership share and serves as an alternate governor of the team.
Q3. How much did the Charlotte Hornets sell for?
The majority stake was sold at an approximate $3 billion valuation — up from the $275 million Michael Jordan paid for his majority stake in 2010.
Q4. Who is Gabe Plotkin?
Gabe Plotkin is the founder and chief investment officer of Tallwoods Capital LLC and a former portfolio manager at SAC Capital Advisors.
Q5. Who is Rick Schnall?
Rick Schnall is the co-president of private equity firm Clayton, Dubilier & Rice and a former minority owner of the Atlanta Hawks.
Q6. Is J. Cole an owner of the Charlotte Hornets? Yes. J. Cole, the North Carolina native rapper, is a minority investor in the Charlotte Hornets ownership group.
Q7. When was the Charlotte Hornets franchise founded?
The original Charlotte Hornets franchise was founded in 1988 as an NBA expansion team owned by George Shinn.
Q8. Who is the current governor of the Charlotte Hornets?
Rick Schnall serves as the team’s first governor under the new ownership structure, with Plotkin and Schnall rotating the governorship every five years.