According to ESPN ‘s Adrian Wojnarowski , Jordan is in the process of selling the franchise to a group of investors led by Gabe Plotkin and Rick Schnall. A deal is expected to be signed soon, ending Jordan’s 13-year run as owner of the Hornets.
News of the sale comes at the start of an important season for the Hornets, who hold the second overall pick in the 2023 NBA Draft. According to sources, the board has discussed the move. with representatives for Scoot Henderson and Brandon Miller, two potential players the Hornets are said to be considering selecting.
Why did Michael Jordan sell the Charlotte Hornets?
The most important reason is about profit. Jordan purchased a minority stake in the Hornets in 2006. He then completed a deal to become the team’s majority owner in 2010 for $275 million.
Forbes estimates before the 2022/2023 season that the Hornets are valued at $1.7 billion, ranking 27th out of 30 teams, just ahead of the Grizzlies, Timberwolves and Pelicans. But this is still a huge increase compared to the amount of money Jordan spent to buy the team.
By comparison, the Suns were the most recent NBA team to be sold. Mat Ishbia bought the Suns (NBA) and Mercury (WNBA) from Robert Sarver for $2.28 billion. Jordan is said to have sold his shares in the Hornets for “approximately $3 billion”.
Hornets’ achievements under Michael Jordan
The Hornets haven’t had much success in Jordan’s 13 years as owner. Since 2010, the Hornets have only made the Playoffs twice in that span, losing in the first round both times. The Hornets have ranked in the bottom half of the NBA rankings in 13 of the last 14 seasons.
Wojnarowski added that once the sale of the Hornets is complete, Jordan is expected to retain a minority stake and “presence” with the team. He will also provide professional oversight through the NBA Draft and transfer activities.
The official agreement is expected to be signed soon, ending Jordan’s relationship with Charlotte. Plotkin was already a minority owner of the Hornets and Schnall was already a minority owner of the Atlanta Hawks. Both will become the new owners of the team after the sale is completed and approved by the NBA.
Michael Jordan Assets
Michael Jordan owns a fortune of nearly 2 billion USD, most of which he earned after he retired. He is the owner of the shoe line bearing his name in collaboration with Nike and Jordan, which is famous all over the world and brings in large revenue every year. In addition, Michael Jordan’s investment portfolio is also very successful, including a racing team and an NBA team.