Even though he stepped away from the Hornets with a heavy heart, Michael Jordan remains attached. After the $3 billion deal that ended the NBA legend’s tenure as team owner, the Charlotte Hornets are working on a new practice facility and improvements to their arena. His Airness is somewhat involved in it, according to local reports.
The new owners are said to be in talks with the city of Charlotte regarding expenses on the Spectrum Center and the Hornets’ practice facility. The economic development committee had previously voted for a new approach to increase the money the team spends on the practice center, divert more city money to the Spectrum Center, and relocate the practice facility. Michael Jordan has reportedly been involved in the meetings with the city that have been going on at least since 2022.
The city has plans to create a thriving entertainment district around the arena and its NBA team. It will maintain its investment of $275 million. However, the team wants the new practice facility to be on the gravel lot next to the Spectrum Center instead of on the previously proposed location at the Charlotte Transit Center. The Hornets organization is investing between $70 to $100 million in this project.
At the same time, it wants the city to cut its investment in the new practice facility by $30 to $60 million and instead put it towards the arena upgrades. With this arrangement, the Hornets will have full ownership of the practice facility. The city is, however, reluctant to put money into a building it won’t own.
The economic development committee has sent the plan to the city council for consideration and a decision should be made by the end of this month. If approved, the Hornets will accelerate their timeline to finish the practice facility construction by 2026.
New owners bring the Hornets out of the Michael Jordan era
The NBA Board of Governors officially approved the sale of a majority stake of the Hornets in August 2023. Jordan’s shares in the franchise went to Rick Schnall and Gabe Plotkin for $3 billion, ending 13 years of his run as a team owner.
The original plans for the practice facility and arena upgrades were approved during his tenure. It might explain why he was present with the Hornets Sports & Entertainment reps in a meeting with the city.
The new additions to the Spectrum Center – including suite and club level offerings, seats closer to the court, 2,500 seats, concourse renovations – were initiated alongside the team’s transition to new owners. Schnall was a minority owner of the Atlanta Hawks and Plotkin was a minor owner of the Hornets. They’re putting in more team money into the practice center while the arena is owned by the city.
These changes are likely to change the Hornets’ top ranking in “affordability” for NBA tickets. It definitely signals that the Hornets are no longer in the Michael Jordan era.