Michael Jordan is ending his tenure as the Charlotte Hornets owner following 13 years with more downs than ups. He could never emulate the success he had as a player with this team, ultimately choosing to sell it.
After the draft lottery results were out, Jordan made the decision to finalize this deal, step down as the team’s owner and give the chance to new faces to make the decisions. According to Adrian Wojnarowski of ESPN, he’s selling the team for approximately $3 million.
“Michael Jordan is selling his majority stake in the Charlotte Hornets to the Gabe Plotkin/Rick Schnall group for an approximate $3 billion valuation, league sources tell ESPN.”
This is a huge number for MJ, who paid a lot less than that to purchase the Hornets. The six-time NBA champion disbursed $275 million to take over from Bob Johnson in 2010.
He previously sold a minority stake in the Hornets in 2019 to Gabe Plotkin, who’s now one of the leaders of the group that’s taking over in Charlotte, which includes legendary rapper J. Cole.
Knowing Jordan’s competitive nature, it’s fair to say it wasn’t easy for him to make this decision, but time went by and the Hornets never found success under his management.
Jordan Is Finishing His 13-Year Run With The Hornets
After 13 years of running the show in Charlotte, Jordan is stepping down, boasting a not-so-flattering 423-600 record. They made the playoffs only twice during the Jordan era, never winning a single playoff series.
Many fans hope this is a new beginning for the Hornets, who struggled a lot with Jordan. To lead a franchise, it takes more than being the greatest player of all time. Jordan learned that the hard way, but he didn’t stop trying and ended up getting tons of money with this deal.
The Hornets have the No. 2 overall pick for the upcoming NBA Draft, and they could land a solid prospect on the big night or get a superstar like Zion Williamson ahead of next season.
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