Billionaire Michael Jordan pleads with city of Charlotte to cut $60M over Hornets’ future plans

Despite leaving the Hornets with a heavy heart, Michael Jordan remains attached. The Charlotte Hornets are building a new training facility and improving their arena after ending the NBA legend’s tenure as team owner in a $3 billion deal. his magnanimity Local reports said there was some level of involvement in the incident.

The new owner is reportedly in talks with the city of Charlotte over the cost of Spectrum Center and the Hornets’ training facility. The Economic Development Committee previously voted to approve a new approach to increase team spending at the training center, move more city funds to the Spectrum Center and relocate training facilities.

Michael Jordan has reportedly been involved in meetings with the city that have been ongoing since at least 2022. The city plans to create a thriving entertainment district around the arena and its NBA team. It will maintain an investment of $275 million.

However, the team wants the new utility facility to be located on a gravel lot next to the Spectrum Center, rather than the previously proposed location of the Charlotte Transportation Center. The Hornets invested $70 to $100 million in the project. However, it wants the city to cut investment by $30 to $60 million in new utility facilities and instead fund stadium upgrades.

The arrangement will give the Hornets full ownership of the training facility. However, the city was unwilling to put money into a building that it did not own. The Economic Development Committee has sent the plan to the City Council for consideration, with a decision expected by the end of this month. If approved, the Hornets would accelerate the timeline to complete construction of the actual facility by 2026.

New owner leads Hornets out of Jordan era

The NBA Board of Directors officially approved the sale of a majority stake in the Hornets in August 2023. Jordan’s stake in the team was transferred to Rick Schnarr and Gabe Plotkin for $3 billion, ending his 13-year reign as team owner.

Initial plans for training facility and fieldhouse upgrades were approved during his tenure. That might explain why he attended the meeting with the city along with Hornets Sports and Entertainment representatives.

The new additions to Spectrum Center — including suites and club-level amenities, court-side seating, 2,500 seats, concourse renovations — were launched as the team transitions to new ownership. Schnarr is a minority owner of the Atlanta Hawks and Plotkin is a minority owner of the Hornets. They poured more team money into the training center, which is owned by the city.

These changes will likely alter the Hornets’ top ranking in NBA ticket “affordability.” This certainly signals that the Hornets are no longer in the Michael Jordan era.