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Michael Jordan just keeps winning... The legendary NBA great announced his decision to sell his majority ownership stake in the Charlotte Hornets basketball franchise and the deal recently was approved by the NBA Board of Governors. An icon on the hardwood and sneaker magnate off it, Jordan's profit on the Hornets deal is an unbelievable slam dunk. You won't believe his profit!
With Jordan's departure as majority owner, the Charlotte Hornets face a significant transition period. The franchise, which struggled mightily under his leadership, now enters a new chapter with an ownership group led by investors Gabe Plotkin and Rick Schnall. The Hornets recently selected Brandon Miller with the second overall pick of the 2023 NBA Draft.
In this article, we'll discuss how much Jordan paid for the Hornets, how much he'll profit from the sale of his majority stake, and his underwhelming legacy as an NBA owner.
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How Much Did Michael Jordan Pay For The Charlotte Hornets?
Jordan paid $275 million for a majority stake in the Charlotte Hornets franchise in 2010. Widely considered to be the greatest player in NBA history, Jordan grew up in the Wilmington area and spent his college days at the University of North Carolina. After amassing a personal fortune through his NBA contracts, endorsements, and Air Jordan brand, purchasing his hometown NBA franchise seemed to be a natural fit for the competitive Hall of Famer.
How Much Is Michael Jordan Selling The Hornets For?
Jordan has agreed to sell his majority stake in the Hornets to a group led by wealthy investors Gabe Plotkin and Rick Schnall for a reported $3 billion valuation, according to ESPN's Adrian Wojnarowski. Plotkin acquired a significant minority stake in the Hornets from Jordan in 2019.
Once the sale is approved by the NBA, Jordan will walk away from the Hornets with a profit of just over $2.5 billion! He will have made nearly 10 times his initial investment over his 13 years as owner of the Charlotte franchise.
What Is Michael Jordan's Legacy As An NBA Owner?
Widely regarded as the greatest basketball player in history, Michael Jordan's tenure as the owner of the Charlotte Hornets has been one plagued by consistent failure. Despite his history of success on the court, Jordan has struggled mightily to replicate those achievements as an owner.
Since Jordan became the Hornets' majority owner in 2010, the team has made the playoffs only three times and has never advanced past the first round. The Charlotte franchise - then known as the Bobcats - also has the dubious distinction of having the worst NBA regular-season record in history on Jordan's watch, going just 7-59 in 2012. It's a stark contrast to the North Carolina native's championship lineage as a player.
While his sale of the Hornets stands as a huge financial win for Jordan, from a competitive standpoint, his tenure at the helm in Charlotte has been a total failure.
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