{"id":321197,"date":"2023-08-04T01:43:17","date_gmt":"2023-08-04T01:43:17","guid":{"rendered":"https:\/\/sportinfo.pro\/?p=321197"},"modified":"2023-08-04T04:03:04","modified_gmt":"2023-08-04T04:03:04","slug":"michael-jordan-just-made-2-7-billion-in-one-day","status":"publish","type":"post","link":"https:\/\/sportinfo.pro\/?p=321197","title":{"rendered":"Michael Jordan just made $2.7 billion in one day"},"content":{"rendered":"

A new era has begun for the Charlotte Hornets<\/a>, raising hope that one day the struggling franchise might turn things around.<\/p>\n

Gabe Plotkin and Rick Schnall officially acquired the majority stake of the Hornets from six-time NBA<\/a> champion Michael Jordan<\/a> on Friday (AEST), bringing new thoughts and ideas on how to rebuild a franchise that hasn't been to the playoffs in the last seven seasons.<\/p>\n

The deal, first announced in June, reportedly valued the Hornets at $3 billion.<\/p>\n

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Jordan acquired a controlling investment in the Hornets in 2010 for $275 million. The franchise had been the league's sole team with Black-majority ownership.<\/p>\n

\"Michael<\/p>\n

The sale shows the new ownership group paid well above market value with Forbes valuing the team at $1.7 billion earlier this year. For Jordan, it represents an overall profit of $2.725 billion.<\/p>\n

Plotkin said he and Schnall plan to be \u201cpatient\u201d NBA owners, but they are driven to build a winner in Charlotte.<\/p>\n

\u201cWe think ultimately this is a top-10 or top-15 franchise in the NBA in terms of attractiveness,\u201d Plotkin said. \u201cIt's our job to produce winning basketball. Winning takes a lot of structure and it doesn't happen overnight. We'll try to position the business for success over the long term and try to make smart decisions."<\/p>\n

Plotkin said there will be a focus on analytics, player development, strategy and sports performance. A renovated arena and a state-of-the-art practice facility are also in the near future, which Plotkin believes will help in developing and attracting players \u2014 and ultimately mean more wins.<\/p>\n

Jordan never could build a consistent winner in Charlotte.<\/p>\n

During his 13-year tenure as majority owner, the Hornets went 423-600 and never won a playoff series.<\/p>\n

\"Michael<\/p>\n

Jordan did not attend the news conference, but he said in news release that it was a \u201ctremendous honour\u201d to own the Hornets.<\/p>\n

He didn\u2019t give an explanation as to why he sold the franchise.<\/p>\n

\u201cAs I transition into a minority ownership role, I\u2019m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick," Jordan said. "I know the Hornets organisation is in great hands moving forward. I\u2019m excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead.\u201d<\/p>\n

Schnall said he's glad Jordan plans to remain on as a minority owner \u2014 and he wants to repay him with a championship.<\/p>\n

\u201cHe's the greatest basketball player of all time and he has been an incredible partner to us during this negotiation and he has set this business up for future success,\u201d Schnall said. \u201cHe's not leaving and will be around here for a long time with us as a partner.\u201d<\/p>\n

One of the criticisms of Jordan from fans has been his lack of spending in free agency.<\/p>\n

Plotkin said the Hornets may need to focus on player development first, while also building a winning culture that will attract big-name free agents down the road.<\/p>\n

\u201cIt's a great city, a great climate and the ease of getting around here is wonderful,\u201d Plotkin said. \u201cI think those things will happen. I don't think there is one route or the other, but I think ultimately player development will be a great focus, and if the opportunity is there for free agency, we will pursue that, too.\u201d<\/p>\n

\"Ja<\/p>\n

Added Schnall: \u201cIf we can create a winning culture that people want to be around with high-character kids on our team who want to be part of it, we should have great success in attracting free agents over time."<\/p>\n

Schnall said he and Plotkin own \u201csimilar stakes\u201d in the franchise, but he wouldn't say who owns more.<\/p>\n

They will treat it as an equal partnership.<\/p>\n

That means they will rotate the team\u2019s governorship every five years, beginning first with Schnall.<\/p>\n

Plotkin and Schnall may not be household names like Jordan, but both have experienced plenty of success in the business world and are huge basketball junkies. Schnall first met Jordan 20 year ago at the former Chicago Bulls star's fantasy basketball camp, where he forged a relationship with the 14-time All-Star.<\/p>\n

Schnall has been a minority owner of the Atlanta Hawks and was involved in various aspects of the Hawks' team-building process as well as the renovations to State Farm Arena. He is co-president of Clayton, Dubilier & Rice LLC, where he has worked for 27 years.<\/p>\n

Plotkin, the founder and chief investment officer of Tallwoods Capital LLC, acquired a minority stake in the Hornets in 2019 before purchasing a majority stake.<\/p>\n

Both men previously served as alternate governors on the NBA Board of Governors.<\/p>\n

The Hornets' new ownership group also includes Chris Shumway, Dan Sundheim, Ian Loring, Andrew Schwartzberg, Dyal Home Court Partners, North Carolina natives recording artist J. Cole and country music singer-songwriter Eric Church, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills, among others.<\/p>\n

For a daily dose of the best of the breaking news and exclusive content from Wide World of Sports, subscribe to our newsletter by<\/strong><\/em> clicking here<\/strong><\/em><\/a>!<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A new era has begun for the Charlotte Hornets, raising hope that one day the struggling franchise might turn things around. Gabe Plotkin and Rick […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":321199,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/sportinfo.pro\/index.php?rest_route=\/wp\/v2\/posts\/321197"}],"collection":[{"href":"https:\/\/sportinfo.pro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sportinfo.pro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sportinfo.pro\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sportinfo.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=321197"}],"version-history":[{"count":3,"href":"https:\/\/sportinfo.pro\/index.php?rest_route=\/wp\/v2\/posts\/321197\/revisions"}],"predecessor-version":[{"id":321203,"href":"https:\/\/sportinfo.pro\/index.php?rest_route=\/wp\/v2\/posts\/321197\/revisions\/321203"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sportinfo.pro\/index.php?rest_route=\/wp\/v2\/media\/321199"}],"wp:attachment":[{"href":"https:\/\/sportinfo.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=321197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sportinfo.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=321197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sportinfo.pro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=321197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}