Michael Jordan receives seal of approval to $3bn earning despite $2bn red flag

Michael Jordan hailed as the GOAT of basketball, needs no introduction. MJ’s impact on the sports culture is enormous, with a legendary career that includes 6 NBA titles, 5 MVP honors, and numerous records. Jordan’s achievements on the court are just one aspect of his outstanding career.
Off the court, Jordan has amassed substantial wealth, becoming one of the wealthiest athletes in history. As a successful businessman and majority owner of the Charlotte Hornets NBA team, MJ’s net worth has soared, making him a billionaire. Recently reports of MJ selling the ownership of the Hornets created a buzz in the NBA world.

Knicks owner James Dolan voted against Jordan’s Hornets sale

The sale of the Charlotte Hornets to a group led by Rick Schnall and Hornets minority owner Gabe Plotkin has allegedly been accepted by the NBA’s board of governors, ending Michael Jordan’s tenure as the team’s majority owner. Only James Dolan, the owner of the New York Knicks franchise whose net worth is 2bn, objected to the acceptance.

Cole, a rapper, and Eric Church, a country music singer-songwriter, are also part of the new ownership group that Jordan had previously agreed to sell controlling ownership. Schnall served as a member of the team that acquired Atlanta back in 2015. Jordan would still have a minor share in the team even after selling the majority of the stock. When making their selection in the most recent NBA Draft, the Hornets apparently took his opinion into account.

The cause of Dolan’s opposition to the transaction is still a mystery. The New York attorney general criticized the Knicks owner for supporting the use of face recognition at his venues, a practice that has previously made headlines. The Charlotte Hornets can now concentrate on raising their performance after concluding the previous season with a 27-55 record now that the deal has been finalized.

NBA approved Hornets sale set to increase MJ net worth

A company formed by Gabe Plotkin and Rick Schnall, who are already minor owners of other NBA teams, has agreed to purchase the majority of basketball superstar Michael Jordan’s ownership in the Charlotte Hornets. According to ESPN, the agreement is estimated to be worth an astounding $3 billion.

Jordan will still hold a minor share of the Hornets even after selling his primary investment. His specific earnings from the transaction have not yet been made public, though. Axios reports that as a result of this sale, there are no Black majority owners in the NBA. The King who is already one of the wealthiest athletes also holds the record of 14-time NBA All-Star and Hall of Fame. His current net worth according to Forbes is 2 billion USD.

The majority of his wealth comes from his lucrative partnerships with renowned businesses like Nike, Hanes, and Gatorade as well as royalties from his well-known Jordan Brand. MJ’s legendary basketball career and his success off the court made him one of the greats in sports history.


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