According to ESPN’s Adrian Wojnarowski, Jordan is in the process of selling the franchise to a group of investors led by Gabe Plotkin and Rick Schnall. An agreement is expected to be signed soon, by the end of the 13th year Jordan’s run as owner of the Hornets.
The news of the buy-sell mission comes at the start of an important season for the Hornets, who are close to second pick in the 2023 NBA Draft. According to sources, management has been discussing the mission. this transfer with representatives of Scoot Henderson and Brandon Miller, two potential players that the Hornets were selected as being considered.
Why did Michael Jordan sell the Charlotte Hornets?
The most important reason is about profit. Jordan purchased a minority stake in the Hornets in 2006. He then completed the deal to become the majority owner of the team in 2010 for $275 million.
Forbes estimated before the 2022/2023 season that the Hornets were valued at $1.7 billion, ranking 27th out of 30 teams, just ahead of the Grizzlies, Timberwolves and Pelicans. But this is still a huge increase compared to the amount Jordan spent buying the team.
By comparison, the Suns are the most recent NBA team to go on sale. Mat Ishbia bought Suns (NBA) and Mercury (WNBA) from Robert Sarver for $2.28 billion. Jordan is said to have sold his stake in the Hornets for “approximately $3 billion”.
The Hornets’ Achievements Under Michael Jordan
The Hornets haven’t had much success in the 13 years Jordan has been the owner. Since 2010, the Hornets have only made it to the Playoffs twice in that span, both times losing in the first round. The Hornets have placed in the bottom half of the NBA rankings for the last 13/14 seasons.
Wojnarowski added that once the sale of the Hornets is complete, Jordan is expected to keep a minority stake and a “presence” with the team. He will also provide professional oversight through the NBA Draft and transfer activities.
A formal agreement is expected to be signed soon, ending Jordan’s “love affair” with Charlotte. Plotkin was already a minority owner of the Hornets, and Schnall was a minority owner of the Atlanta Hawks. Both will become the new owners of the team after the sale is closed and approved by the NBA.
Michael Jordan’s Property
Michael Jordan owns a fortune of nearly $ 2 billion, most of which is earned after he has retired. He is the owner of a line of shoes bearing his name in cooperation with Nike, Jordan, which is famous all over the world and brings in great sales every year. In addition, Michael Jordan’s portfolio is also very successful, including 1 racing team, 1 NBA team.
