The five-time NBA MVP Michael Jordan is reportedly in serious talks to sell the majority of his Charlotte Hornets stake to two New York-based investors.
Jordan’s ownership period did not go well, as the Charlotte Hornets have struggled to put it all together over the past decade. In his 13 years of ownership, the team has reached the postseason only twice, the last time being in 2016.
The NBA Hall of Famer played for the Chicago Bulls before listing his name as a franchise owner. The Bulls used to dominate at his time, and he won six titles with the team, so while MJ took over the Charlotte team, fans’ hopes for a similar shear force of dominance grew, yet they were left unsatisfied with disappointing results.
Will Charlotte Hornets see the end of the Michael Jordan era?
Adrian Wojnarowski, a senior NBA source for ESPN, reports that Michael Jordan is seeking to transfer the majority ownership of the Charlotte Hornets to Gabriel Plotkin, the founder of Melvin Capital, and Rick Schnall, the founder of D1 Capital.
ESPN Sources: Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. pic.twitter.com/jg03W25s49
— Adrian Wojnarowski (@wojespn) March 16, 2023
Jordan bought a minority ownership of the Charlotte Hornets in 2006. The six-time NBA champion took control over the bulk of the franchise in 2010 for a $275 million deal, making him the only African-American team owner in the league.
How much of Hornets does Jordan own with other stakeholders?
The former NBA superstar sold a 20% stake from his 97% ownership of the Hornets to the franchise’s minority owner Gabe Plotkin and the Atlanta Hawks’ minority owner Rick Schnall three years ago in 2019. Reportedly, Jordan gained approximately $300 million from the sale while giving the Hornets a current value of $1.77 billion.
The reason and the percentage of the sales are still unclear. After selling a 20% stake in 2020, Jordan now owns 79% of the franchise. To relinquish the majority ownership, he must sell a minimum of 31% stake in the team. Although many fans are pointing toward the failure of the Hornets, the actual reason for MJ’s decision remains a mystery.
Why is Jordan stepping down? What is your take on the matter? You can share your thoughts with us in the comments.
