Teams/Southeast Division
Charlotte Hornets
Private-equity executive Rick Schnall and former hedge-fund manager Gabe Plotkin have co-chaired the Hornets since August 2023, buying control at a valuation near $3B. Forbes values the team at $4.4B, and the current franchise has had three ownership groups since it began play in 2004.
Every owner since the start
- 2023-todayGroup led by Rick Schnall and Gabe Plotkin
Bought control from Michael Jordan at a valuation of about $3B; closed 3 August 2023.
- 2010-2023Michael Jordan
Bought control from Robert Johnson in March 2010. About $175M per Forbes: $25M of equity plus $150M of assumed debt ($275M per AP, counting pledges to cover future losses).
- 2004-2010Robert L. Johnson
Founded the Charlotte Bobcats as an expansion team for a $300M fee; play began in 2004-05.
- 1988-2002George Shinn, original Hornets
Founded the first Charlotte Hornets for a $32.5M fee and moved them to New Orleans in 2002. That team is now the New Orleans Pelicans, who returned the 1988-2002 records to Charlotte in 2014.
Value over time
- 12010 Jordan buys control, $175M
- 22023 Schnall-Plotkin group buys, $3B
Show the numbers
| Year | Forbes value |
|---|---|
| 2005 | $300M |
| 2007 | $287M |
| 2008 | $284M |
| 2009 | $278M |
| 2011 | $281M |
| 2012 | $277M |
| 2013 | $315M |
| 2014 | $410M |
| 2015 | $725M |
| 2016 | $750M |
| 2017 | $780M |
| 2018 | $1.05B |
| 2019 | $1.25B |
| 2020 | $1.5B |
| 2021 | $1.57B |
| 2022 | $1.7B |
| 2023 | $3B |
| 2024 | $3.3B |
| 2025 | $3.8B |
| 2026 | $4.4B |
| Year | Sale | Team valued at |
|---|---|---|
| 1999 | Ray Wooldridge buys a reported 49% of the original Hornets for $80M (Memphis Flyer only); implied value computed (computed from price and stake) | $163M |
| 2002 | Robert Johnson awarded the new Charlotte team for a $300M expansion fee | $300M |
| 2010 | Michael Jordan buys control from Robert Johnson; Forbes puts the enterprise value at $175M ($275M per AP, counting pledges) | $175M |
| 2019 | Gabe Plotkin and Daniel Sundheim buy a minority stake from Jordan at a $1.5B valuation | $1.5B |
| 2023 | Schnall and Plotkin group buys control from Michael Jordan at about $3B | $3B |
The Forbes series starts in 2005 at $300M and reaches $4.4B in 2026, a multiple of about 14.7x. The biggest one-year jump was $1.3B in 2023 (up 76%); the 77% rise in 2015 was slightly bigger in percentage terms.
How the current owner bought it
- Michael Jordan was the seller. He kept a minority stake and an alternate governor role.
- Plotkin first bought a minority stake from Jordan, with Daniel Sundheim, at a $1.5B valuation. Forbes reported it in September 2019.
- Buyer law firm Katten describes four linked deals: control from Jordan, equity from more than 20 investors, debt from institutional lenders, and NBA approval.
- Owners approved the sale 29-1; James Dolan of the New York Knicks cast the no vote, per CBS Sports.
- Schnall first sold his minority stake in the Atlanta Hawks. No stake sale was found for 2024-2026.
Partners in the team
| Partner | Stake | Who they are |
|---|---|---|
| Michael Jordan | not found | Seller; now an alternate governor |
| Chris Shumway | not found | Listed by Forbes as a third owner |
| Daniel Sundheim, Dyal HomeCourt Partners | not found | Sundheim bought in with Plotkin; Dyal is a Blue Owl fund |
| J. Cole, Eric Church, Ian Loring, Andrew Schwartzberg, Amy Dawson, Damian Mills | not found | Other named investors; Cole and Church are North Carolina music stars |
How the team is run
- Schnall holds the NBA governor seat first, and Plotkin is due to take it after five years. Front Office Sports reported in August 2023 that the two hold similar stakes.
- After the sale, general manager Mitch Kupchak moved to an advisory role and president Fred Whitfield stepped down.
- Wikipedia records a $275M arena renovation plan from June 2022. Forbes describes a $245M renovation whose second phase finished in October 2025.
- A six-storey practice centre in Uptown Charlotte is due to open during the 2026-27 season.
- No league fine or lawsuit tied to the team was found.
Quick answers
Who owns the Charlotte Hornets?
Private-equity executive Rick Schnall and former hedge-fund manager Gabe Plotkin have co-chaired the Hornets since August 2023, buying control at a valuation near $3B.
How much are the Charlotte Hornets worth?
Forbes values the Charlotte Hornets at $4.4B in its October 2026 list, up 16% from $3.8B a year earlier. That makes them the 25th most valuable of the 30 teams; in 2005 Forbes put the team at $300M.
How much did the current owner pay for the Hornets?
About $3.0B valuation (Rick Schnall and Gabe Plotkin, 2023).
Who owned the Charlotte Hornets before the current owner?
Michael Jordan (2010-2023). Bought control from Robert Johnson in March 2010. About $175M per Forbes: $25M of equity plus $150M of assumed debt ($275M per AP, counting pledges to cover future losses).
Open questions
- Exact stakes for Schnall, Plotkin, Shumway and Jordan were not found; lenders and loan amounts are undisclosed.
- The first Plotkin stake is dated 2019 by Forbes and 2020 by Sportico and Sports Illustrated.
- Ray Wooldridge reportedly paid $80M for 49% of the original Hornets in 1999; only the Memphis Flyer gives those figures.
- No 2026 team release confirming who holds the governor seat was found.