The NBA design is getting some changes. The Charlotte Hornets have a new owner, which will bring a massive windfall to Michael Jordan. At the same time, teams are still negotiating trades to prepare for the new season.
Hornets get new owner
Following a predictable turn of events, the NBA Board of Governors has given the green light to the sale of the Charlotte Hornets for a reported $3 billion. This substantial transaction is headed by Rick Schnall and Gabe Plotkin, paving the way for Michael 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 change occurring at the Hornets. Everyone else agreed with the sale.
Having successfully concluded negotiations between the new owner and Jordan, it is now confirmed that the sale will commence within one to two weeks, provided Jordan resigns to oversee the franchise.
In terms of advantageous outcomes, this decision looks very favorable for the esteemed basketball icon, Jordan, who has the unique distinction of being the only African-American majority owner within the NBA. In 2010, he acquired the franchise for a sum of $275 million, and now, after a span of 13 years, the value of the sale has staggeringly increased to $3 billion.
Schnall, president 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 partnership with Daniel Sundheim, who serves as founder and chief investment officer of D1 Capital.
Officially, Michael Jordan is no longer majority owner of the Charlotte Hornets. 🔵 pic.twitter.com/A5UoY1EdmO
- Barbas Apuestas l Inversiones Deportivas (@BarbasApuestas) July 23, 2023
Brakes put on potential operations
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. Unfortunately, Lillard's exit strategy has presented significant obstacles for the Blazers, as he specifically requested a move to the Miami Heat. With an obvious disadvantage lying 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 trade occurring prior to the start of training camp.
The Knicks are poised for contract acquisitions this summer after an exceptional 2022-23 season. With a semifinal appearance during the spring, their potential as a true championship contender seems tantalizingly close, lacking only one significant ingredient. It is worth noting that, so far, the team has refrained from making any alterations to their 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 collapsed, and the Celtics unequivocally rejected all proposals involving the point guard.
