Mike Clinton
Who owns the Hornets?
The Charlotte Hornets are a professional basketball team based in Charlotte, North Carolina, United States. The team is a member of the Southeast Division of the Eastern Conference in the National Basketball Association (NBA). As of 2021, the owner of the Hornets is Michael Jordan, who is also a retired professional basketball player and widely considered one of the greatest players of all time.
The history of the Hornets’ ownership
The Charlotte Hornets were founded as an expansion team in 1988 and joined the NBA in 1989. The team was initially owned by George Shinn, a businessman from Kannapolis, North Carolina. Shinn owned the team until 2002, when he sold it to New Orleans businessman Ray Wooldridge. The team then moved to New Orleans and became the New Orleans Hornets. In 2004, the team was sold to businessman George Shinn, who moved it back to New Orleans and renamed it the New Orleans/Oklahoma City Hornets. In 2010, the team was sold to Tom Benson, who renamed it the New Orleans Pelicans in 2013.
Past owners of the Charlotte Hornets
Apart from George Shinn, the Charlotte Hornets had several other owners throughout their history. In 2002, the team was sold to Ray Wooldridge, who owned the team for just a year before selling it to Robert L. Johnson, the founder of Black Entertainment Television (BET). Johnson owned the team from 2003 to 2010, when he sold it to the NBA and became the first African American majority owner of a major sports league franchise.
The return of the Hornets to Charlotte
In 2014, the NBA announced that the New Orleans Hornets would change their name to the New Orleans Pelicans, thus freeing up the name "Hornets" for a potential new team. In May 2013, the NBA approved the Charlotte Bobcats’ request to change their name back to the Charlotte Hornets, and the team officially became the Charlotte Hornets again in the 2014-15 season.
Michael Jordan’s purchase of the team
In 2010, Michael Jordan became a minority owner of the Charlotte Bobcats, acquiring a 10% stake in the team. In 2013, Jordan increased his ownership stake to 89.5%, becoming the controlling owner of the team. In 2014, the team was renamed the Charlotte Hornets, a name that Jordan reportedly lobbied for.
Jordan’s impact on the Hornets’ organization
Since purchasing the team, Jordan has been actively involved in the Hornets’ day-to-day operations and has made several significant changes to the team. He has brought in new management, revamped the team’s branding and marketing efforts, and invested in player development. Jordan’s involvement has also helped raise the Hornets’ profile and increase their popularity.
The Hornets as a profitable franchise
Under Jordan’s ownership, the Hornets have become a profitable franchise. In 2019, Forbes valued the team at $1.5 billion, making it the 27th most valuable NBA franchise. The team’s revenue has also increased significantly in recent years, driven by higher attendance and greater sponsorship and merchandise sales.
Charlotte Hornets’ ownership structure
As of 2021, Michael Jordan is the majority owner of the Charlotte Hornets, holding a 97% stake in the team. The remaining 3% is owned by several minority partners, including Felix Sabates, a longtime Charlotte businessman.
Future ownership plans for the Hornets
There have been no indications that Jordan plans to sell the Hornets in the near future. In fact, he has expressed his commitment to the team and his desire to continue building a successful franchise.
Conclusion: The current owner of the Hornets
In conclusion, Michael Jordan is the current owner of the Charlotte Hornets, a successful NBA franchise based in Charlotte, North Carolina. Since purchasing the team, Jordan has made significant changes and investments that have helped turn the Hornets into a profitable and popular franchise. With his continued involvement, the future looks bright for the Hornets and their fans.