Michael Jordan Selling His Majority Ownership Stake In The NBA’s Charlotte Hornets
Stake #Stake
NBA GOAT Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets for an undisclosed sum. He will still retain a minority stake after the sale. The deal values the team at $3 billion, according to ESPN’s Adrian Wojnarowski, which means that Jordan could receive $1.5 billion, or more, depending on how much of the team he hangs onto. It ends his 13-year run as majority owner.
The agreement, which has been in the works for months, was announced this morning by the Bobcats. The buyers are a group led by Gabe Plotkin and Rick Schnall, who are currently a minority owner with the Hornets and a minority owner with the Atlanta Hawks, respectively. Jordan had already sold minority percentages to Plotkin and Daniel Sundheim, a founder of DI Capital, in 2019.
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The Hornets’ official statement notes that the deal is dependent on approval from the NBA’s board of governors, but it should sail through.
The six-time NBA champion bought a small share in the Hornets (then the Bobcats) in 2006. Five years later, he bought a majority stake for about $275 million, according to the Robb Report. At the time, he was the only Black majority owner in the league.
Earlier this year, Forbes valued the Hornets at about $1.3 billion. Today’s deal more than doubles that, arithmetic that’s all the more remarkable given that the small-market Hornets had the fourth-worst record in the NBA last season.
So whatever the percentage, Jordan is making a handsome profit on his investment.
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