NBA
How much did Michael Jordan buy the Charlotte Hornets for? What is the selling price?
The NBA legend has reportedly agreed a deal to sell his majority stake in the team to Gabe Plotkin and Rick Schnall.
Michael Jordan has agreed a deal that would see him give up his majority stake in the Charlotte Hornets after a 13-year stint as majority owner.
The NBA legend has reportedly penned a deal with a group led by existing minority owner Gabe Plotkin and Rick Schnall, minority owner of the Atlanta Hawks.
The deal is in place but needs to be ratified by the NBA and its vetting and approval process before Jordan officially gives up control. He will remain in charge of basketball operations for Thursday’s NBA draft and into the start of the free agency period at the end of this month.
How much money has Michael Jordan made on the Charlotte Hornets?
Jordan, often ranked as the greatest basketball player of all time, is currently the only Black owner in the NBA.
He became owner 13 years ago when he purchased the Charlotte Bobcats expansion team. He paid previous owner Bob Johnson $180 million for the team in 2010, a very lucrative investment for Jordan.
Forbes currently value the team at $1.7 billion, but Jordan looks set to make far more than that from the sale. It is though that the valuation of the deal is $3 billion.
ESPN report that Jordan will maintain a minority stake in the team once the sale is completed, and is expected to remain involved in the franchise going forward.
Jordan sold a portion of his stake to Plotkin’s group back in 2019. Earlier this year, when news of an imminent sale first became public, Jordan’s office hinted that this had been part of the plan.
“As a natural step in a process due to that transaction, Michael and Gabe are in discussions about his group potentially buying an additional stake,” the statement read.