It's got nothing to do with ownership, it's a dogshit market. North Carolina is a college market, and it's just not that fun being a millionaire in North Carolina compared to Miami or Boston or New York or Los Angeles. Basketball is a city game and the people who get good at it usually grew up in cities, and want to live in cities. They can earn more money from appearance fees and endorsements while taking a lower salary in L.A. than being the main guy in Charlotte.

Also, the shittiest owner in the NBA is James Dolan, don't even play. The guy has the most profitable franchise in the league, it's in the biggest market in the country, and the his team is still perennially dogshit. The Knicks were still a contending club back in 1999 when he bought the team, but he's consistently run them into the ground with terrible management.