When the new NBA season gets underway this fall, the Charlotte Hornets play under new ownership.
Gabe Plotkin and Rick Schnall recently led a group to purchase the team from Michael Jordan for $3 billion. Jordan bought the franchise, then known as the Charlotte Bobcats, in 2010 for $275 million. He will remain a minority partner. The final sale price is similar to the $4 billion the Phoenix Suns sold for last December.
What does the sale tell us about the worth of professional sports franchises in Charlotte? Should we expect the team’s value to continue to grow exponentially? We discuss.
Elsewhere, we dive into the lead owners, Plotkin and Schnall, known in the NBA as governors. Where did they come from, and how did they make their money? We will also discuss the celebrities from North Carolina who have bought in for a minority share.
Finally, with Michael Jordan gone the NBA has lost its only Black governor. What does that say about a league where about 80% of the players are Black?
Join Mike Collins and our panel of guests for the conversation on Charlotte Talks.
GUESTS:
Erik Spanberg, managing editor at the Charlotte Business Journal
Mike Vorkunov, national basketball business reporter for The Athletic
