Michael Jordan bought the Charlotte Hornets in 2010 for $275 million and will share his majority stake in the team for $3 billion, more than he made from Nike in 40 years. Jordan bought the controlling interest from George Shinn in 2010. He first bought a stake in the Hornets in 2006. After the sale, Jordan is set to make over $2 billion on the deal.
Jordan Set To Sell Hornets For Approximately $3 Billion
Since taking ownership of the Charlotte Hornets, Jordan has not had any success with the franchise.
Under Jordan’s guidance, the Hornets never won a playoff series or finished higher than the 6th seed in the East.
Now, it appears His Airness has found the heir to his once-buzzing franchise.
Jordan is set to sign a deal to sell his majority share to Gabe Plotkin and Rick Schnall, two private equity investors for approximately $3 billion, according to ESPN. That means Jordan is set to earn more than 10x on his original investment.
To put that into perspective, Jordan will earn more from the Hornets’ sale than he has from his lifetime deal with Nike, which pays him a royalty for every Air Jordan shoe ever sold.
Even with Jordan on his way out, the future looks bright in Charlotte.
While official terms of the deals have not become public yet, Jordan will reportedly oversee basketball operations during the 2023 NBA Draft.
The Hornets have the No.2 pick in the 2023 NBA Draft with all signs pointing to the team selecting either Scoot Henderson or Brandon Miller to pair with LaMelo Ball.
Why Did Michael Jordan Sell the Charlotte Hornets?
While Jordan has declined to comment on the sale, his reasoning for selling his majority share is fairly evident.
During his time as owner, the Hornets failed to reach the championship level that Jordan is accustomed to, as the franchise toiled in mediocrity for over a decade.
Charlotte had a 423-600 record in Jordan’s 13 seasons as owner, good for the 26th-best record in the league during that span. Over the last seven seasons, the Hornets failed to make the playoffs and have made questionable roster decisions on their way to the bottom of the Eastern Conference.
According to NBA Commissioner Adam Silver, Jordan has every right to sell the Hornets, especially since values have gone up since he bought the team.
“In the same way that it’s wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time,” Silver said during the NBA Finals. “Values have gone up a lot since he bought that team, so that is his decision.”
With the team up for sale, it opened up opportunities for other investors, including country music star Eric Church and rapper J.Cole, who both will become minority owners in the franchise.
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