Michael Jordan Sells Hornets for Around $3 Billion After $275 Million Purchase
After a 13-year tenure as the owner of the Charlotte Hornets, Michael Jordan is concluding his time with the team, which has had more challenges than triumphs. Despite his outstanding success as a player, he was unable to replicate that achievement with the team and has ultimately decided to sell it.
Following the announcement of the draft lottery results, Jordan has made the choice to seal the deal, resign as the team’s owner, and offer an opportunity for fresh perspectives to shape the team’s decisions. According to ESPN’s Adrian Wojnarowski, he is selling the team for an estimated sum of $3 million.
Michael Jordan sold the Charlotte Hornets
“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,” Wojnarowski said.
The current selling price represents a significant increase for MJ, considering that he initially acquired the Hornets for a much lower amount. Back in 2010, the six-time NBA champion purchased the team from Bob Johnson for $275 million.
In 2019, Jordan had already sold a minority stake in the Hornets to Gabe Plotkin, who is now part of the group taking over the team in Charlotte. Notably, this group also includes renowned rapper J. Cole.
Given Jordan’s well-known competitive nature, it can be inferred that making this decision was not an easy task for him. However, as time passed, the Hornets failed to achieve success under his ownership.
Jordan’s 13-year tenure with the Hornets is coming to an end
After a 13-year tenure in Charlotte, Jordan has decided to step down, leaving behind a less-than-impressive record of 423 wins and 600 losses. Throughout Jordan’s ownership, the Hornets only made the playoffs twice but failed to win a single playoff series.
Many fans see Jordan’s departure as an opportunity for the Hornets to start afresh, as the team faced numerous struggles under his leadership. It became evident that successfully running a franchise requires more than just being the greatest player of all time. Jordan learned this lesson the hard way, but he never stopped striving for success, ultimately resulting in a lucrative deal.
With the No. 2 overall pick in the upcoming NBA Draft, the Hornets have a chance to secure a promising prospect or potentially even acquire a superstar like Zion Williamson, which would significantly impact their prospects for the upcoming season.
