What's next for Charlotte Hornets after Michael Jordan’s $3,000,000,000 exit?

Michael Jordan completed the sale of his majority stake in the Charlotte Hornets for an estimated $3 billion. The new ownership group is led by investment bankers, Gabe Plotkin and Rick Schnall.

Plotkin was a minority owner in the Hornets before the new sale, while Scnhall was a minority owner of the Atlanta Hawks.

Jordan will maintain a minority ownership in the team. He was the majority owner and representative for the Hornets for 13 seasons. He was the sole African-American majority owner in the NBA.

The Hornets struggled under Jordan’s leadership. They finished 27-55 last season. The franchise made the playoffs twice during his run as an owner, but lost in the first round in both appearances. They have not made the playoffs since 2016.

Plotkin and new management will try to turn the Hornets around into a contender in the Eastern Conference. They have young players to build around but may be a few pieces away from title contention anytime soon.

---

What did the Hornets do this offseason?

Charlotte did not make a big splash in free agency this offseason. They are centered around young players and moving forward with their draft assets.

They used the number two overall pick on Brandon Miller. He will likely be a heavy part of the offense this season. The fellow 2023 first-round pick Nick Smith Jr. impressed in Summer League and could also figure into the rotation.

The Hornets' biggest move this summer was locking up star guard LaMelo Ball. He signed a massive extension worth $205 million over five years. He will be the cornerstone of the franchise for years to come.

They also signed Miles Bridges to a qualifying offer as a restricted free agent. The deal is worth 1-year and $7.9 million. He gets a second chance after missing last season to a domestic violence investigation and suspension. He will miss the first ten games of the season as part of the ongoing suspension.

The Hornets have a lot of their other money tied up in two veterans that have never reached their full potential in Charlotte. Gordon Hayward has struggled with injuries, and will hope to bounce back and return to his previous form next season. He is set to make $31.5 million next year.

Point guard Terry Rozier is set to earn $23.2 million next season. He has been a steady presence for the Hornets since joining the team. However, he has not quite lived up to his contract and controls less of the offense with the emergence of Ball.