The design of the NBA is getting some changes. The Charlotte Hornets have a new owner, which will bring a massive windfall to Michael Jordan. At the same time, other teams are still negotiating trades to prepare for the new season.
Hornets Get New Owner
After a predictable turn of events, the NBA Board of Governors has given the green light to the sale of the Hornets for a huge amount of money. This substantial transaction is spearheaded by Rick Schnall and Gabe Plotkin, paving the way for Jordan to finally relinquish his ownership of the North Carolina franchise, marking the end of his 13-year tenure.
James Dolan of the New York Knicks remains the only owner to express skepticism about any management changes that occur at the Hornets. Everyone else agreed to the sale.
Having successfully concluded the negotiation between the new owner and Jordan, it is now confirmed that the sale will begin in a span of one to two weeks. After that, Jordan steps down and hands over the keys to the castle.
In terms of results, this decision seems very favorable to esteemed basketball icon Jordan, who has the unique distinction of being the only Black majority owner within the NBA. In 2010, he acquired the franchise to the tune of $275 million, and now, after a span of 13 years, the value of the sale has risen to $3 billion.
Schnall, chairman of Dubilier, a New York-based private equity firm, is now among the group of newly appointed leaders. In 2020, a portion of the Hornets was acquired by him in collaboration with Daniel Sundheim, who serves as founder and chief investment officer of D1 Capital.
Brakes Placed On Potential Trades
In other NBA news, the Portland Trail Blazers are on the verge of losing their most prized asset, Damian Lillard, who has decided to refrain from participating in any trade discussions. Sadly, Lillard’s exit strategy has presented significant hurdles for the Blazers, as he specifically requested a move to the Miami Heat. With an obvious downside that lies solely in the scarcity of options, the team faces a daunting challenge in finding a suitable replacement for the beloved player, causing an air of uncertainty within the organization.
The New York Knicks have recently been associated with a possible trade for two highly regarded individuals in the NBA, Zach LaVine and Karl-Anthony Towns. An influential team scout has provided intriguing information about the likelihood of such a swap occurring before the start of training camp.
The Knicks are set for contract acquisition this summer after an exceptional 2022-23 season. With a semifinal appearance during the spring, his potential as a true championship contender seems tantalizingly close, lacking a single significant ingredient. It is worth noting that, so far, the team has refrained from making any alterations to its game this season.
The Eastern Conference Finals proved to be a major disappointment for the Boston Celtics, shattering their championship aspirations. Consequently, the team quickly initiated changes within its roster by parting ways with point guard Marcus Smart, who was traded in exchange for the coveted Kristaps Porzingis.
However, the acquisition of Porzingis required the departure of point guard Malcolm Brogdon. Despite initial discussions, negotiations eventually fell apart, and the Celtics unequivocally rejected all proposals involving the point guard.