Michael Jordan’s sale of his majority stake has finally come to an end. The $3 billion sale would mark the end of Jordan’s 13-year run as the majority owner of an NBA team. The league’s board of governors approved the sale to a group which is led by Rick Schnall and Gabe Plotkin. When the voting occurred, the sale was approved by all except James Dolan. James, who is worth $2 billion, is also the owner of the New York Knicks.
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The reason for Dolan’s vote against the $3 billion sale is not clear. However, according to reports, Dolan and Jordan have had a relationship with each other since 2017. During that time, former NBA Commissioner Adam Silver and Jordan spoke with Dolan and Charles Oakley to make peace with each other. Oakley is one of the greatest franchise players, and his presence at MSG would mean something for the league and the franchise. Silver and Jordan wanted both parties to end the public dispute after Oakley was arrested due to his altercation with Madison Square Garden security guards.
James Dolan becomes the sole owner to vote against Michael Jordan’s sale of the Hornets
According to Adrian Wojnarowski from ESPN, the final sale of the majority stakes in the team, which are valued at $3 billion, will be completed and executed in the coming few weeks. Moreover, Jordan still owns a minority stake in the team. Schnall previously had minority ownership in the Atlanta Hawks. He will become the franchise governor, besides Plotkin, who has a minority stake in the Hornets. Here is what Wojnarowski wrote:
“Schnall, who had been a minority owner with the Atlanta Hawks, and Plotkin, a minority owner with the Hornets, will become the franchise’s governors. Jordan will keep a minority stake in the franchise.”
ESPN Sources: The NBA’s Board of Governors has approved the sale of the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin, clearing the way to end Michael Jordan’s 13-year run as majority owner.
— Adrian Wojnarowski (@wojespn) July 23, 2023
Dolan was the sole owner among the thirty teams that voted against the sale of the Charlotte Hornets. After owning the team for over a decade, Jordan couldn’t take the team to new heights. Dolan and Jordan have the same reputation for being bad team owners. As the Hornets never rose to prominence under Jordan’s ownership, the Knicks are now more famous for their Madison Square Garden arena.
Before LeBron James, Michael Jordan had shown interest in owning a team in Vegas
LeBron James has been expressing his interest and perhaps already creating pressure on Commissioner Silver about his interest in owning a team in Las Vegas. James is not the first NBA GOAT to express his interest in owning a team in Vegas. 17 years ago, in 2005, Jordan expressed a similar interest in owning a team in the city. Jordan had an interview at Cigar Aficionado in 2005 and spoke to Marvin Shanken at large about his NBA career and business ventures. However, when Shanken asked Jordan about owning a potential team in Sin City, Jordan said;
“I’d love to own a franchise in Las Vegas. But who wouldn’t? The opportunity it provides just from being in Las Vegas creates a great economic situation. But it’s not just Michael Jordan who would find that attractive. You could find a lot of other potential owners or investors who’d like to own a team in Las Vegas. Will it happen? I don’t know.”
Perhaps, Jordan has bigger plans after selling his majority stake in Charlotte. The talk of expanding teams in the NBA has caught on. Perhaps Jordan is finally ready to make another investment in building a new team. Who knows? Maybe time will tell.
