Michael Jordan is set to sell the Charlotte Hornets after taking control back as the majority owner in 2010. However, it is not a run Jordan would’ve expected from himself. The 5x MVP failed to take the Hornets to great heights. Despite the lack of success that Jordan found with the Hornets, he is looking to pocket a handsome amount with the sale. However, at the moment Jordan controls 80% of the stake in the Hornets.
According to ESPN’s Adrian Wojnarowski, Jordan will be looking to sell his majority share in the franchise. The potential buyers for the franchise won’t be any strangers to the franchise. Jordan is looking to sell the Hornets to minority shareholders Gabe Plotkin and Rick Schnall. This news about Jordan planning to sell the Hornets comes as a relief to the Hornets’ fans. One fan quoted, “It’s about damn Time.”
Hornets fans pic.twitter.com/pXdf6qUf4o
— Kory Waldron (@KWalHoops) March 16, 2023
He’s the worst owner of all time
— 𝗝𝖆 ☥ (@wordtoja) March 16, 2023
The only thing Jordan has failed at
— Hard Rock Sportsbook (@HardRockSB) March 16, 2023
These when I knew MJ was done lmao pic.twitter.com/UnOfA4NH57
— V̷a̷t̷o̷r̷ (@Vator_H_Town) March 16, 2023
Hornets fans seeing this pic.twitter.com/JdNsLOQXEY
— ZILINSKI MID MASTER (@zilinski212) March 16, 2023
Good that fraud doesn’t know how to run a franchise
— 優木せつ菜 🇦🇷 (@nijigasakilove) March 16, 2023
— Kev Nivek (@kevnivek_) March 16, 2023
Hornets fans before and after this news. pic.twitter.com/GkwfwSsIFw
— Hip Hop Drunkie (@ZenoEm) March 16, 2023
The Hornets fans have been critical of Jordan’s performance as the owner of the franchise. The majority of fans agree with the notion, that Jordan has failed at carrying an NBA franchise as an owner. Despite all the success Jordan found with the Bulls, he couldn’t replicate it with the Hornets family. Jordan is ready to take a different route, however, that is uncertain, as he works to find the best deal to sell the Hornets.
How much would Michael Jordan benefit from selling the Charlotte Hornets?
Michael holds an 80% stake in the Charlotte Hornets in 2023. Previously in 2020, Jordan sold off 20% to minority shareholders Gabe Plotkin and Daniel Sundhiem. These stakes were worth $300 million at the time. The Hornets are valued at $1.7 billion in 2023. However, Jordan’s stake will be valued at approximately $1.4 billion. This number is subject to a rise once the negotiations are underway.
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
Despite owning the franchise for 13 years, the Hornets have made it to the playoffs twice in 2014 and 2016. Both their runs were cut short with a first-round exit. Disheartening as it may, this may be a huge loss for Jordan, who will be looking elsewhere to invest his capital. Jordan will be looking to pocket a huge return on his investment as he announced his wishes to sell the franchise. However, Jordan will be looking to keep a minority share of the Hornets.
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