Michael Jordan planning on selling Hornets: what led him to opt selling $1.67 billion worth’s majority stake?

Michael Jordan, retired NBA superstar and current owner of the Charlotte Hornets, is reportedly in discussions to sell the majority stake in the basketball franchise. According to ESPN, the potential sale would see Jordan sell the largest stake in the club to a consortium led by Gabe Plotkin, a minority owner of the Hornets and founder of Melvin Capital Management LP, and Rick Schnall, a minority owner of the Atlanta Hawks. Although no deal is imminent, Jordan is expected to keep a minority stake in the Hornets if the sale goes through.

Michael Jordan
Who is Rick Schnall buying Michael Jordan’s Hornets majority stake: Insights on Hawks minority owner’s net worth

Jordan purchased the controlling interest in the Hornets in 2010 for $275 million after being a minority shareholder in the ownership group since 2006. The Hornets, valued at $1.7 billion by Forbes, were ranked 27th out of the 30 teams in the NBA last October. Since entering the NBA in 1988, the Hornets have never won a championship and have not won a playoff series since their debut as an expansion team called the Bobcats in 2004.

Despite the team’s lackluster success, Jordan has been the league’s only Black majority owner, owning the NBA club in his home state of North Carolina. However, if the sale goes through, Jordan will lose his majority ownership and, potentially, his unique status in the NBA.

The Hornets last reached the playoffs in 2016 and have struggled to make it to the postseason since then. This season, they are ranked 14th of 15 teams in the Eastern Conference with a record of 22-49, putting them on the brink of elimination from post-season play.

Jordan’s potential sale of the majority stake in the Hornets comes after other major deals in the NBA. In December, a group led by Mat Ishiba, CEO of United Wholesale Mortgage, purchased the Phoenix Suns for around $4 billion. In February, ESPN reported that Marc Lasry, co-founder of Avenue Capital Management, was planning to sell his stake in the Milwaukee Bucks at a $3.5 billion valuation.

If the sale of the Hornets goes through, it will be interesting to see how it will impact the franchise’s future in the NBA. The team has struggled to find success on the court, but a change in ownership could bring new energy and resources to the organization. Meanwhile, Jordan’s legacy as a player and owner will continue, but with a different relationship to the team.

Is The Unmatched Dominance and Cultural of Michael Jordan Enough to Crown Him the Greatest Basketball Player of All Time?

Michael Jordan is widely considered to be the greatest basketball player of all time, and for a good reason. Throughout his career, Jordan dominated the sport like no one before him or since, leading the Chicago Bulls to six NBA championships in just eight years.

Jordan’s unparalleled athleticism, competitive drive, and unmatched skill on the court made him a force to be reckoned with. He was a ten-time scoring champion, a five-time MVP, and a ten-time All-NBA First Team selection. His clutch performances in key moments and his ability to make game-winning shots are the stuff of legend.

Beyond his impressive statistics, Jordan was also a cultural icon who transcended the sport of basketball. His signature shoes and clothing line are still some of the most popular on the market today, and his influence on the game continues to be felt by players and fans alike.

All in all, Michael Jordan’s combination of skill, success, and cultural impact make him a true GOAT – the Greatest of All Time.

Tahsin Tahmid

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Tahsin Tahmid is a part of the editorial panel of Sports Zion. As a sports and art-loving person, he has the vision to provide authentic information. Being an optimist, he hopes to bring the world closer by spreading love.The NFL is Tahmid's favorite league, and following it, he is a massive fan of Tom Brady and Joe Burrow. On the other hand, when it comes to the NBA, Tahsin loves watching LeBron James and Giannis Antetokounmpo perform.

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