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Michael Jordan selling Charlotte Hornets for $3 billion

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Charlotte Hornets
Charlotte Hornets. Photo by Brock Williams-Smith/NBAE via Getty Images
  • Charlotte Hornets primary owner, the legendary Michael Jordan, has decided to sell the team
  • He has a $3 billion offer
  • Jordan owned a minority stake in the Hornets before purchasing a majority stake for $275

Charlotte Hornets primary owner, the legendary Michael Jordan, has decided to sell the team to wealthy investors Gabe Plotkin and Rick Schnall.

A CNBC source familiar with the transaction said that a spokesman for Jordan confirmed the $3 billion sale. As part of the agreement, Jordan will hold onto a tiny ownership interest in the team.

Jordan owned a minority stake in the Hornets before purchasing a majority stake for $275 million in 2010.

He stands profiting almost 10 times his initial investment if the sale is authorised, which would represent a significant return on investment.

Despite Jordan’s legendary position as a six-time NBA champion, the Hornets have struggled during his ownership, making the playoffs just twice.

Plotkin, the founder of financial management company Tallwoods Capital, previously bought a small share in the Hornets in 2019. Plotkin previously held the position of alternative governor on the NBA Board of Governors.

On the other hand, Schnall has spent 27 years as a co-president of the private equity company Clayton, Dubilier & Rice.

Charlotte Hornets

Charlotte Hornets. Photo/Sporting News

Since 2015, he has also served as an alternative governor and a minority owner of the NBA’s Atlanta Hawks, though he is now selling his stake in the team.

Along with North Carolina singers J. Cole and Eric Church, the purchasing group also includes billionaire Dan Sundheim, the head of D1 Capital.

The NBA Board of Governors must approve the deal before it can go forward. With a $1.7 billion valuation according to Forbes, the Hornets are currently ranked 27th out of the 30 NBA teams.

Jordan in March 2010 purchased a majority stake in Charlotte for $275 million.

Since 2006, Jordan had served on the board of directors, but it wasn’t until that year that he began to fully run the organisation from his native North Carolina.

Although his return to the court in 2001 with the Washington Wizards previously provided hints about the impossibility of replacing the vacuum left by the game, Jordan viewed this area of sport as the method to satisfy his competitive fire after his second retirement.

Jordan was playing in a rarefied environment because the other players didn’t know if they were playing with their boss, a teammate, or both at the time.

Yet, he was already a shareholder but he had to relinquish his role for his shareholding to remain steady.

michael jordan chicago bulls

Michael Jordan. Photo/Sky Sports

To his credit, Charlotte has consistently made an effort to save the franchise from its largely thankless fate.

In the 1988–1989 NBA expansion, the Hornets joined the Miami Heat, Orlando Magic, and Minnesota Timberwolves.

Only the Minneapolis Hornets have outperformed them in terms of winning percentage since their entry (43.8 vs. 40% for the Wolves), and they are the only one of the four to have never advanced to the conference finals.

The only three playoff qualifiers, however, perished in the first round without fail, suffering two “sweeps” and a seventh-game loss to the Miami Heat in 2016, after LeBron James left the team.

Teresa is a journalist with years of experience in creating web content. She is a wanderlust at heart, but an outgoing sports writer with focus on tennis, athletics, football, motorsports and NBA.

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