Last week it was reported that perhaps the world’s greatest professional basketball player, Michael Jordan has sold his majority stake in the Charlotte Hornets. After purchasing the franchise for a reported $275 million in 2010 (when the team was known as the Bobcats), with the sale purportedly being for $3 billion, the former Chicago Bulls legend may be pocketing an estimated $2.7 billion.
The Charlotte Hornets are worth more than 10x what Michael Jordan paid for the team 13 years ago 📈 pic.twitter.com/2rkydvNK4J
— Front Office Sports (@FOS) June 16, 2023
According to Sports Pro Media, Jordan was rumored to be selling the franchise as early as March 2023. He has been the majority owner of the Hornets for the past 13 years and was the only majority Black owner of a team in the NBA (National Basketball Association).
As great a player and inspiration Jordan has been for the sports world, as a team owner, he failed to bring the franchise to prominence. In a league of 30 teams, according to Sportico, the Hornets were valued at $1.77 billion, which placed the franchise at 26th out of the NBA’s 30 teams. With the sale price of $3 billion, Jordan was able to almost get double the worth of the team.
According to NBA.com, the Hornets only won 423 games versus losing 600 during Jordan’s tenure as owner. They also were never able to win a playoff series and have the longest time away from the playoffs after not making it the past seven straight seasons. They had a losing record of 27-55 this past season.
Jordan will obtain a minority stake in the team, although it has not been reported how much. He reportedly sold the team to a group led by Gabe Plotkin, who currently has a minority stake in the Hornets, and Rick Schnall. Hip-hop recording artist and avid basketball fan/player J. Cole is also reportedly involved in ownership. Jordan will oversee operations during the upcoming 2023 NBA Draft, according to Yahoo Sports.
Michael Jordan Stands to Bring Home $2.7B After Sale of Charlotte Hornets