Who owns the Charlotte Hornets organization? The Charlotte Hornets is an NBA team based in Charlotte, North Carolina. The majority owner of the team is former NBA player Michael Jordan. He purchased the controlling interest of the Hornets (formerly known as the Charlotte Bobcats) in 2010 from Robert L. Johnson, who was the team’s founder. Jordan owns roughly 97% of the team’s equity, with the remaining stake held by a group of minority investors.
Company History
The Charlotte Hornets, a professional basketball team situated in Charlotte, North Carolina, are part of the National Basketball Association (NBA). This franchise, established in 1988, has undergone various ownership changes and even a name change along the way. Here is an overview of their history:
1. Inception (1988): George Shinn, a businessman, was awarded the Charlotte Hornets franchise. The team initially played in the Charlotte Coliseum, and Shinn conducted the organization’s operations.
2. Relocation (2001): The Charlotte Hornets moved to New Orleans, Louisiana, due to disagreements between Shinn and the city over a new arena. Consequently, the franchise was renamed the New Orleans Hornets.
3. Charlotte Bobcats (2004): In response to the Hornets’ move, the NBA awarded a new franchise to Charlotte-based businessman Robert L. Johnson, the founder of Black Entertainment Television (BET). Johnson’s new team was named the Charlotte Bobcats. They started playing during the 2004-2005 NBA season.
4. Michael Jordan’s Ownership (2010): In February 2010, Michael Jordan, the basketball legend and then-minority owner of the Charlotte Bobcats, agreed to buy a majority stake in the team. This deal, finalized in March 2010, made Jordan the first former NBA player to become a majority owner.
5. Return of the Charlotte Hornets (2013-2014): In May 2013, it was announced that the New Orleans Hornets would change their name to the New Orleans Pelicans after the 2012-2013 season, making the “Hornets” name available once again. In December 2013, the NBA’s Board of Governors approved the request to change Charlotte’s team name from the Bobcats to the Hornets. The name change became effective after the 2013-2014 season. Michael Jordan remains the primary owner of the Charlotte Hornets to this day.
Who was the original founder?
The Charlotte Hornets were originally founded by George Shinn in 1987. George Shinn was born on May 11, 1941, in Kannapolis, North Carolina. He grew up in a working-class family and faced financial struggles during his childhood. Despite these challenges, Shinn was determined to succeed and got his start in the business world by creating a small janitorial service company while still in high school.
Shinn later ventured into other businesses, eventually forming his own holding company, Shinn Enterprises. During the 1980s, he became interested in the idea of bringing professional basketball to his home state of North Carolina. Shinn spearheaded a campaign to gain the support of the community and the NBA to bring in a franchise to Charlotte. In 1987, the NBA awarded George Shinn the Charlotte Hornets franchise, which started playing in the 1988-1989 season.
The team experienced moderate success throughout the 1990s but eventually faced financial issues and low attendance due to a series of controversies involving their owner. In 2002, the team relocated to New Orleans and became the New Orleans Hornets, with George Shinn retaining ownership. The original Charlotte Hornets franchise was replaced by a new team, the Charlotte Bobcats, in 2004. The Bobcats eventually reclaimed the Hornets’ name and history after the New Orleans team changed its name to the New Orleans Pelicans in 2013.
George Shinn sold the New Orleans Hornets to the NBA in 2010, and the team is currently owned by Michael Jordan.
The Hornets’ Legacy and Evolution
The Charlotte Hornets have had a unique journey. From their initial rise in Charlotte to relocation and back, the team’s history reflects both challenges and triumphs. George Shinn’s leadership helped establish the franchise, but the team’s financial issues led to its relocation.
The rebranding of the team in 2004 to the Charlotte Bobcats and the eventual return of the Hornets name marked a new chapter. Michael Jordan’s ownership has brought renewed attention to the franchise, emphasizing its legacy while looking toward future success.
FAQ: Who owns the Charlotte Hornets?
1. Who is the current owner of the Charlotte Hornets?
Michael Jordan is the current owner of the Charlotte Hornets.
2. When did Michael Jordan become the owner of the Charlotte Hornets?
Michael Jordan became the majority owner of the Charlotte Hornets in 2010.
3. What percentage of the team does Michael Jordan own?
Michael Jordan owns approximately 97% of the Charlotte Hornets.
4. What is the estimated value of the Charlotte Hornets?
As of 2021, the estimated value of the Charlotte Hornets is around $1.5 billion.
5. Were the Charlotte Hornets always called by that name?
No, the team was originally known as the Charlotte Bobcats but changed back to the Charlotte Hornets in 2014.
