Former basketball player Michael Jordan will receive $3 billion for the Charlotte Hornets franchise he bought in 2010 at a cost of $180 million.
In 2010 basketball legend Michael Jordan purchased the Charlotte Bobcats NBA franchise. Now 13 years later and with the name change to Hornets, “Mike” closed the sale of a large percentage of the team that will leave him with a small stake.
Gabe Plotkin and Rick Schnall are the buyers of the NBA Eastern Conference franchise. Schnall is a minority owner of the Atlanta Hawks, while Plotkin has a small stake within the Hornets themselves.
Despite stepping aside from the team and ceasing to be the largest shareholder, Jordan will not completely disassociate himself from the Hornets, as he will continue to maintain a stake and an active role in the franchise.
Charlotte Hornets
Businessman
Jordan acquired a majority stake in the Hornets in 2010 and paid $180 million for the purchase. 13 years later MJ will receive $3 billion, representing an increase in his investment of more than 1,500% and will even retain a small stake.
If there is one thing that has characterized Jordan, besides being considered the best basketball player in history, it is his ability to do business. He already proved it in 1984 when he signed with Nike in exchange for a percentage of the sales of his sneakers and now with the sale of the Hornets.
According to Forbes magazine, Mike is the highest earning athlete in the world today, even though he has been off the court for 20 years. His participation in Nike generates about $250 million dollars a year and his net worth amounts to more than $2 billion dollars.
Michael Jordan is selling his majority ownership of the Charlotte Hornets. He paid $275 Million for the team in 2010 and he is now selling his majority stake for $3 Billion, according to ESPN 💰🎉 pic.twitter.com/8BVXoMPce8
— Daily Loud (@DailyLoud) June 16, 2023
Sporting failure
Jordan’s tenure as owner of the Hornets did not bring luck to the team, as the North Carolina quintet was not competitive during Michael’s 13 seasons. In 2012 they had the worst record in their history with 7 wins and 59 losses. They only advanced to two playoffs in those years and ended up losing in the first round to the Miami Heat both times.
The team’s entire 13-season record stood at 423 wins and 600 losses. Jordan will have his last decision with Charlotte in the upcoming NBA draft to be held on June 22, where the team has the second pick of the round.
Ronald Kimball is a passionate sports writer. Ronald cover a wide range of sports such as football, basketball, baseball, hockey and soccer.
Ronald’s work has been featured in various publications. He is committed to staying up-to-date with the latest industry trends and developments, constantly looking for new opportunities to grow and learn.