Michael Jordan has just sold the Charlotte Hornets and J. Cole is part of the group.
While the official details on the sale have not yet been made public, it is confirmed that MJ has given up his majority share of the team to a group that is headed by Gabe Plotkin and Rick Schnall. Plotkin, a hedge fund manager, already owned a minority share in the Hornets while Schnall, a private equity firm president, had a small piece of ownership within the Hawks. Also part of the group are two North Carolina musicians J. Cole and country star Eric Church. Jordan, while giving up his majority stake, will retain some minority ownership.
Though the exact amount of money Jordan will profit is undisclosed as of now, it is assumed to be a great deal for the arguable GOAT. MJ bought a majority stake of the team (then Bobcats) back in 2010 for $275 million. According to the godfather of basketball insight Woj, Jordan’s sale to Plotkin and Schnall evaluates the team as a whole at $3 billion dollars (maybe one of you math geeks out there can figure out what he made based on that, but I sure as shit can’t). Whatever the amount is, Jordan is definitely making a significant return on investment.
Jordan was the NBA’s only black majority owner, which is now coming to an end. However, he will still remain head of basketball operations until July 1, meaning that he will be in charge for the NBA draft in which the Hornets currently hold the second overall pick. While that sounds like a good thing, MJ has notably struggled with drafting quality talent. Some of his picks during his tenure included Michael Kidd-Gilchrist, Cody Zeller, Noah Vonleh and Frank Kaminsky. All of those players were selected in the top-10 picks. Absolutely pitiful stuff, MJ. Jordan did seem to get one pick right with LaMelo Ball in 2020, but he has since been injury riddled since winning Rookie of the Year.
It’s hard to say what Jordan’s time as the Hornets’ majority owner says about his legacy. On the one hand, the team only made the playoffs twice in his 13 years, losing in the first round both times. Yet, on the other hand, he drastically improved the team’s worth and got himself a bag. So in terms of being a winner, I guess this doesn’t bode well for MJ’s legacy. However, we all know that what Jordan really cares about is betting, and if you look at his investment as a bet, well he cashed out pretty big.
I wish I could say I’m excited to see the Hornets’ new ownership in action, but honestly I don’t see this changing a thing. What I am excited for is to see LeBron as an owner in a few years. At that point, the GOAT debate will take a crazy turn into who can run a franchise better. In that debate, I’ll take LeGM every single day of the week.
