Michael Jordan is preparing to sell a majority stake in the Charlotte Hornets. Jordan officially bought the franchise for 270 million in 2010. Officially owning the team for 14 years he is now looking to make major changes to the franchise. Since Jordan has taken over the Hornets franchise they have not found the ultimate sustained success. Jordan himself won six NBA titles during his playing career. However, that has not been the case in ownership. Therefore, he may be looking for a change of ownership to help.
Michael Jordan’s Next Career Goal
Jordan’s involvement in the NBA did not end when he walked off the court for good. After his playing career was over Jordan dreamed of owning a team. For instance, during his journey into NBA ownership he invested in the Hornets. This move was particularly special because Jordan is from Charlotte. In 2006 Jordan would earn a minority stake in the team. Now that Jordan had a minority stake four years later in 2010 he purchased a majority stake. He would get that majority stake from Bob Johnson.
Sale Price Unclear
With Jordan preparing to sell a stake the asking price is unclear. The Hornets are also currently valued by Forbes to be worth 1.7 billion. Regardless of the price tag attached Jordan set a standard as being the first black majority owner of a franchise. According to the Charlotte, Observer Jordan stated that “Purchasing the Bobcats (Hornets) is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise.” Yahoosports.com
Michael Jordan Sold A Portion In 2019
Once this current sale of a portion of his franchise is complete it will not be the first time Jordan has done so. In other words in 2019 Jordan sold a share of the Hornets to New York Investor Gabriel Plotkin. Under those circumstances of the sale Jordan still owned 97% ownership in the Hornets. However, as stated above Jordan is now in talks to sell his stake in the franchise. Jordan is in talks with an investment group headed up by Atlanta Hawks minority owner Rick Schnall.
Michael Jordan To Maintain Minority Stake
Once a deal is finalized Jordan would maintain a minority stake in the Hornets. As of now, there is no deal that is imminent however there is significant momentum on a sale. In other words, if a sale is agreed upon it would eventually install Plotkin and Schanll as co-governors of the Hornets. When contacting Jordan’s family office Jump Management, they responded by saying. They don’t comment on rumors and speculation.
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