Practice facility: Post Michael Jordan-era Charlotte Hornets 'fully committed' to building $30,000,000 practice facility: Report

The new owners of the Charlotte Hornets continue to express their deep involvement with the team, recently affirming their full commitment to building a $30-million practice facility.

Since taking over from Michael Jordan in the summer, the new ownership, led by Gabe Plotkin and Rick Schnall, has shown that it is not afraid to spend money to help enhance the Hornets’ standing in the league.

The latest of its dealings is reaffirming its commitment under an updated contract to building a new training facility, apart from renovations to the Spectrum Center, the home of the Hornets.

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As per reports by the Charlotte Business Journal, the new owners are committed to fully funding the practice facility costs, even above the $30 million provided by the city.

The push, the report said, is in line with its vision of building the Hornets as a premier franchise in the NBA and having world-class facilities. The facility is targeted to open in 2026 while renovations at the Spectrum Center are set to begin after Charlotte’s season ends this year.

In the ongoing season, the Charlotte Hornets (15-42) are 13th in the Eastern Conference. All-Star LaMelo Ball continues to lead the team’s thrust with averages of 23.9 points, 8,0 assists, 5.1 rebounds and 1.8 steals, although injuries have allowed him to play just 22 games so far.

Charlotte Hornets' new owners excited for team’s future

When Gabe Plotkin and Rick Schnall took over the majority stake in the Charlotte Hornets from former owner Michael Jordan, they knew what they were getting in to and were determined to see their vision for the team through.

The new owners purchased the majority stake at an approximate $3 billion valuation last August. Back in 2010, Jordan paid $275 million for it.

Upon assuming ownership, Plotkin and Schnall cited being basketball fans and desire to make a difference in the sporting scene in the Carolinas as among the reasons they decided to purchase the Charlotte Hornets.

They said in a statement:

“As lifelong fans of the game of basketball and the NBA, we’re well aware of the importance of the sport in the Carolinas and we’re thrilled to take a controlling stake in the Hornets. We’re excited about the organization’s future.

"Charlotte is a great city and a thriving sports town. The Hornets fan base is one of the most passionate in all of sports. It is a privilege to own an NBA team…”

They went on to say:

“Our vision is to take the Hornets to the next level, both on and off the court. We will look to build a highly competitive basketball team, develop innovative business practices, give back to our community and connect with our fans.

"We plan to further invest in the team, the facilities and the fan experience, with the goal of delivering a winner to our fans throughout the Carolinas…”

Under the new ownership set-up, Plotkin and Schnall will serve as co-chairmen and will rotate as team governor every five years, beginning with Schnall.