Michael Jordan Reportedly in Serious Talks to Sell Majority Stake of Charlotte Hornets
Michael Jordan is considering selling his majority stake in the Charlotte Hornets, per ESPN’s Adrian Wojnarowski.
The Chicago Bulls legend is reportedly in “serious talks” with a group that consists of Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall on a potential deal. Wojnarowski notes that Jordan would likely still go on to own a minority stake in the franchise.
Jordan purchased the majority share of the Hornets back in 2010 for a total of $275 million. He was with the franchise for four years prior as a minority owner. According to Forbes, the Hornets are now worth roughly $1.7 billion. While this might make them the 4th-cheapest franchise in the NBA, there is no question that could create quite the return on investment for the GOAT.
During Jordan’s time at the helm of the organization, the Hornets have struggled to establish themselves as a truly competitive team. They have made the playoffs just two times since the 2010-11 campaign and have failed to win more than 48 games in a single season. In fact, we’d have to go all the way back to the 1997-98 season to find the last time they won 50 or more games.
As of now, the Hornets have a record of just 22-49 this year as they make a run at the No. 1-overall pick in the 2023 NBA Draft.
Considering all the struggle that has come with owning this franchise, as well as the numerous other ventures Jordan is involved in, it’s not too surprising that he’s looking to sell. However, considering how competitive he is and how much he means to the NBA, I’d expect him to still have a valuable voice behind the scenes no matter how much stock he owns.
Also, if he’s ever looking for a new challenge, I wonder if Jerry would sell to an old friend?