When the new NBA season gets underway this fall, the Charlotte Hornets play under new ownership.
Gabe Plotkin and Rick Schnall recently led a group to purchase the team from Michael Jordan for $3 billion. Jordan bought the franchise, then known as the Charlotte Bobcats, in 2010 for $275 million. He will remain a minority partner. The final sale price is similar to the $4 billion the Phoenix Suns sold for last December.
What does the sale tell us about the worth of professional sports franchises in Charlotte? Should we expect the team’s value to continue to grow exponentially?