Who Owns The Charlotte Hornets
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The Charlotte Hornets franchise of the National Basketball Association (NBA) was owned by former NBA legend, Michael Jordan, from 2010 to 2019.
Jordan bought the franchise from Robert Johnson, the original owner, for a reported $175 million. Johnson, who was the first African-American majority owner in the NBA, purchased the then-Charlotte Bobcats in 2003 for $300 million from original owner George Shinn. Shinn had moved the Charlotte Hornets franchise to New Orleans in 2002.
The Hornets have enjoyed a successful run since Jordan became the owner. The team advanced to the playoffs four times under his ownership and won 48 percent of their games. Jordan’s ownership also brought star power to the franchise, as he frequently attended games, signed prominent players, and became heavily involved in the team off the court. In 2018, the franchise was valued at $780 million, up almost four times from when Jordan bought it.
On February 14, 2019, Jordan agreed to sell the franchise to New York billionaire hedge fund manager and philanthropist, David Tepper, owner of the NFL’s Carolina Panthers. Tepper purchased the team for an NBA record $2.2 billion. Tepper is now the sole owner of the Charlotte Hornets.
This transition marked the end of Jordan’s ownership, which became the most notable ownership stint in the franchise’s history. The six-time NBA champion dramatically changed the culture of the organization and placed Charlotte firmly on the NBA’s map. Both Tepper and Jordan are hoping for similar success with their respective teams.