How do you win while losing? Look no further than Michael Jordan’s ownership of the Charlotte Hornets.
Since purchasing the team in 2010, the Hornets have made the playoffs three times but failed to advance past the first round each time. They have also only had four winning seasons during Jordan’s 13-year tenure as majority team owner.
But while the Hornets haven’t won much, his Airness just won big time as he’s selling a majority share in the team and will make billions in the process.
While an actual number hasn’t been revealed, sources told ESPN that said it was an approximately $3 billion valuation.
Jordan bought the team in 2010 for a reported $275 million from BET founder Bob Johnson, which made him the only Black majority team owner of the four major professional leagues (NBA, NFL, MLB, NHL). The sale means that Jordan will be adding over $2 billion to his fortune once the deal is finalized and approved by the NBA Board of Governors.
The new owners will be Gabe Plotkin and Rick Schnall. Plotkin is a minority owner of the Hornets, purchasing his minority stake from Jordan in 2020. Schnall is a minority owner of the Hawks who will sell his share of Atlanta as part of the deal to acquire the Hornets.
According to ESPN, “Jordan will continue to oversee basketball operations through Thursday’s NBA draft and the start of free agency July 1,” and will both keep a minority stake in and maintain a presence with, the team.
The team struggled this season, going 27-55. To add insult to injury, they lost the number one overall pick, expected to be France’s Victor Wembanyama, to the San Antonio Spurs.
Even sadder, the NBA just lost its sole majority Black team owner.
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