Chicago Bulls legend, Michael Jordan is the greatest player in the history of the NBA. His talent led the NBA to great heights and popularised the sport across the globe. With the immense success, he found on the court, as a player, he couldn’t replicate it by owning an NBA franchise. Jordan is the majority owner of the Charlotte Hornets and is looking to sell his stake in the team. Michael bought a minority share in the team in 2006.
When Jordan started buying stakes in the Hornets, he did so by starting as a minority shareholder. However, four years later and after spending $180 million, he then became the majority shareholder of the franchise. This move made him the only black majority owner. However, since taking control of the Hornets, he is unable to replicate the success he had as a player with the Bulls. Today the Hornets are valued at $1.77 billion.
Michael Jordan is engaged in serious talks to sell a majority stake in Charlotte Hornets, according to @wojespn.
He paid $180 million for the team in 2010, and the franchise is now worth $1.77 billion.
MJ is the NBA’s only Black majority owner. pic.twitter.com/rPEMcselgS
— Joe Pompliano (@JoePompliano) March 16, 2023
Michael sold a 20% stake in the Hornets to Gabe Plotkin and Daniel Sundheim, in 2020. However, this year, the 5x MVP is looking to cash in on his majority stake in the Hornets. As things stand Jordan owns 80% of the franchise, which is valued at $1.5 billion. If the sale goes through, Jordan will be getting a substantial return. Recently he was ranked as the highest-paid athlete according to Sportico, this sale could further increase the gap between the first and second-placed, Tiger Woods.
Is Michael Jordan looking to cash in on the Charlotte Hornets?
Michael spent 13 years as the majority owner of the Charlotte Hornets. He will be looking to cut his stake in the franchise. According to ESPN’s Adrian Wojnarowski, the 5x MVP is in talks to relinquish his status as the majority owner. It is unclear how much Jordan is willing to sell. However, if he wishes to remove his status as the majority shareholder, he will have to sell a minimum of 31% stake.
ESPN Sources: Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. pic.twitter.com/jg03W25s49
— Adrian Wojnarowski (@wojespn) March 16, 2023
Jordan may be making the right decision by cutting his stake in the Hornets. After owning the franchise for a little over a decade, he hasn’t found any success with the team. Michael could be earning around $1.3 billion if he decides to sell his entire stake. However, this sum could rise even higher as the negotiations start to take place. There is no timetable in place for the sale to be concluded, so it could be a while.