Michael Jordan, the legendary basketball player and owner of the Charlotte Hornets, has recently reached an agreement to relinquish his majority stake in the team. After 13 years at the helm, Jordan has inked a deal with a group led by existing minority owner Gabe Plotkin and Rick Schnall, minority owner of the Atlanta Hawks. However, the deal is still pending ratification by the NBA and its vetting and approval process before Jordan officially gives up control. In the meantime, he will continue to be in charge of basketball operations for the upcoming NBA draft and the start of the free agency period this month.
A Highly Lucrative Investment
When Jordan initially purchased the Charlotte Bobcats expansion team, he paid $180 million to previous owner Bob Johnson, a decision that has turned out to be a highly lucrative investment. Forbes currently values the team at $1.7 billion, but the sale is expected to surpass that figure. It is estimated that the deal’s valuation is around $3 billion. Despite relinquishing his majority stake, Jordan is anticipated to maintain a minority ownership in the team and remain involved in the franchise. In 2019, he already sold a portion of his stake to Plotkin’s group. This strategic move allows Jordan to capitalize on the team’s increased value without completely severing ties with the Hornets.
A Planned and Natural Step
Earlier this year, when rumors of an imminent sale surfaced, Jordan’s office hinted that this move was a planned and natural step in the process. In fact, discussions between Jordan and Plotkin’s group were already underway regarding the potential purchase of an additional stake. Therefore, while Jordan is stepping away from the majority ownership, he still looks poised to continue his involvement with the team even after the sale is completed. This transition signifies Jordan’s intention to strike a balance between maintaining his legacy as an NBA icon and exploring new opportunities within the sports business industry.
Continued Involvement with the Hornets
Despite no longer holding the majority stake, Jordan will remain actively involved in the Charlotte Hornets franchise. He will continue to influence basketball operations and play a key role in the upcoming NBA draft and the start of the free agency period. Jordan’s vast experience and knowledge of the game make him an invaluable asset to the team, regardless of his ownership status. His passion for the sport and commitment to winning will undoubtedly ensure that the Charlotte Hornets remain a formidable force in the NBA.
In conclusion, Michael Jordan’s decision to relinquish his majority stake in the Charlotte Hornets marks a new chapter in his ongoing involvement with the team. While the deal is still pending NBA approval, Jordan’s strategic move allows him to capitalize on the team’s increased value and explore new opportunities within the sports business industry. Despite stepping away from the majority ownership, he remains committed to the success of the franchise and will continue to contribute his expertise to basketball operations. As an NBA legend, Michael Jordan’s legacy will undoubtedly endure throughout the Charlotte Hornets organization.