Michael Jordan says 'thank you, but not goodbye' to Charlotte after Hornets sale completed
Michael Jordan is officially no longer the majority owner of the Charlotte Hornets. The sale of his stake to a group led by Rick Schnall and Gabe Plotkin was finalized Thursday, with the NBA legend and North Carolina native retaining a minority share going forward.
On his way out, Jordan sent the city of Charlotte an open letter thanking them for their support over the years, and promising this wouldn't be the last they'd see of him.
Thirteen years ago, I had the honor of becoming the majority owner of the Charlotte Hornets. The chance to own the NBA franchise in my home state and a city I love was truly a dream come true.
As Gabe Plotkin and Rick Schnall, and their ownership group, now take a controlling stake in the team, and I transition to becoming a minority owner, I want to say Thank You to Hornets fans for all the love and dedication you’ve shown the franchise and to me over the years. We’ve had some unforgettable moments together, as well as a few challenging ones, but through it all, you’ve remained committed to us. Although we were not as successful on the court as I - and many of you - would have liked, I am proud of the things that we accomplished as an organization.
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Jordan purchased a majority stake in the team in 2010 for $275 million. During his tenure, the team had just a handful of winning seasons and made the playoffs only twice, but he did bring the Hornets name back to Charlotte after 10 years as the Bobcats. He said that meant a lot to him, and to the community.
I will never forget the excitement when we brought the Hornets name back to its rightful home in Charlotte, uniting the histories and fanbases of both the original Hornets and the Bobcats. Our fans told us how important this was, and the amazing level of support and enthusiasm proved their point.
While he admitted the team wasn't as successful as he hoped during his time as owner, he said he's extremely proud of all the community work the team has done under his watch.
One of my earliest priorities was renewing our focus on supporting the needs of our diverse community, just as we ask the community to support our team. From hurricane and COVID-19 relief efforts to our community pillars of education, hunger, military and wellness, Hornets Sports & Entertainment has been at the forefront of supporting this region and our neighbors in times of need.
Jordan, who reportedly sold his majority stake on a $3 billion valuation, closed the letter by saying that he's looking forward to new challenges, but plans to stay involved with the Hornets in the future.
Although my love for the game of basketball and the NBA remain strong, now is the right time for me to hand over the reins and focus on my family, my personal interests and some new challenges. I’m excited to see what the future holds, and I look forward to supporting the team and the community in my new role for many years to come.
This is a Thank You, not a goodbye, because the state of North Carolina, the city of Charlotte and the Hornets will always have a special place in my heart.
