By the looks of it, Michael Jordan’s time as the Charlotte Hornets majority owner might be coming to a close. And while it at it, he may make a billion out of the move.
The Charlotte Observer said that the Chicago Bulls legend is considering selling a major portion of the team to a group that includes the Hornets and Atlanta Hawks minority owners, Gabe Plotkin and Rick Schnall, respectively.
Michael Jordan is engaged in serious talks to sell a majority stake in Charlotte Hornets, according to @wojespn.
He paid $180 million for the team in 2010, and the franchise is now worth $1.77 billion.
MJ is the NBA’s only Black majority owner. pic.twitter.com/rPEMcselgS
— Joe Pompliano (@JoePompliano) March 16, 2023
Jordan bought the team for $180 million in 2010, and the current value would see him earn a whopping $1.77 billion in return, along with him maintaining a minor stake in the franchise. The outlet also reported a comment from MJ’s family office, Jump management: “We don’t comment on rumors and speculation.”
In 2019, Jordan sold a piece of the team to Plotkin and New York-based investors Daniel Sundheim but controlled 97% of the franchise’s equity. Per Forbes, the team’s value as of October 22 stands at $1.7 billion.
As far as the team’s record goes under Jordan as the majority owner, the team’s only made the playoffs twice and are 418-600 in his 11 years as the franchise’s head honcho.
The Charlotte Hornets Haven’t Really Stung This Season
Injuries and inconsistency have played a major role in the Charlotte Hornets’ run this season. At the time of writing, they are placed 14th in the East with a dismal 22-49 record and are well out of playoff contention.
To make matters worse for the team, they will have to finish the season without their star point guard, LaMelo Ball. The Athletic’s Shams Charania reported that the player will miss the remainder of the 2022-23 NBA season.
“Hornets All-Star LaMelo Ball will miss the remainder of the season with his fractured right ankle, sources tell. Ball has had multiple left ankle sprains this season before suffering the right ankle fracture on Monday night.”
In 36 games he suited up for the Hornets this season, Ball averaged 23.3 points, 8.4 assists, and 6.4 rebounds for the Hornets, posting 41.1% from the field and 83.6% from the charity stripe.
With Jordan looking to sell the team and the abysmal state of the side this season, only time will tell if we see big changes ringing in, in the days to come.
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