Michael Jordan is one of the greatest players in NBA history. After winning six championships with the Chicago Bulls, the legacy of the mighty prospect from North Carolina is just spectacular.
After 2003, when he announced his final retirement, Jordan pursued a way to remain linked to the game he loved. That’s why, three years later, the legend bought a minority stake with Charlotte (Bobcats at the time). Michael took charge of all basketball operations within the organization.
In 2010, Michael Jordan became the majority owner of the Hornets and the first former player to ever do that. However, he never made them a championship caliber team. Now, in a very surprising decision, a massive move could be on the way.
Michael Jordan will sell the Charlotte Hornets
Michael Jordan is ready to sell the Charlotte Hornets and the numbers are staggering. The GOAT purchased the team in 2010 for almost $275 million and, 13 years later, the franchise is valued in $3 billion. Impressive.
“Hornets Sports & Entertainment announced today that chairman Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall.”
As part of the deal, Jordan will retain a minority ownership share of the team and, as usual, the transaction is subject to the approval of the NBA Board of Governors. However, the commissioner, Adam Silver, saw the former Bulls’ player decision as something totally reasonable.
“In the same way that it’s wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time. Values have gone up a lot since he bought that team, so that is his decision.”
After Michael Jordan sold the Hornets, the NBA has been left without any Black majority ownership and that’s a big concern for Silver. “I would love to have better representation in terms of principal governors. It’s a marketplace. It’s something that if we were expanding that the league would be in a position to focus directly on that, but in individual team transactions, the market takes us where we are.”