The Charlotte Hornets are set to enter a new era in franchise history as Michael Jordan is selling the team after 13 years of pulling the strings for the team.
Following the end of the 2022-23 NBA season for the Hornets, reports emerged suggesting that the six-time NBA champion would try to sell his team after being unable to find success in the league. Adrian Wojnarowski of ESPN reports that Jordan is in the final stages of this process.
“Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday.”
BREAKING: Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday. pic.twitter.com/5TonSrIQhF
— Adrian Wojnarowski (@wojespn) June 16, 2023
The Hornets are one of the worst teams in the NBA right now. After several years of trying to succeed in the league, this franchise was never able to compete for championships, and Jordan was blamed for the team’s failures more than once.
The franchise was last valued at $1.7 billion after Jordan purchased it for $275 million in 2010. He’s now selling the team for $3 billion.
Jordan was incredibly great during his active days, but he couldn’t translate that success into the executive world, failing to make a splash with the Hornets and trying without any success to win a championship as an owner.
Michael Jordan Could Never Succeed As An Owner
Their draft selections have been awful, and this year they were really close to landing the No. 1 overall pick, which would have gotten them Victor Wembanyama and $500 million of added value.
MJ couldn’t move the needle for the Hornets, and he’s ready to step away and leave the team to a different management. He reportedly wanted to see if the team could get Wembanyama in the upcoming draft before making a final decision, and after the Spurs secured the coveted pick, there was no looking back for MJ.
During his 13-year run in Charlotte, he had a 423-600 record, making the playoffs only twice since Jordan arrived, getting swept both times in the First Round of the postseason.
Jordan had different ventures and other teams to manage in different sports. The Hornets were expected to be his most precious treasure, but things never worked in his favor.
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