Hornets: Michael Jordan Sells Charlotte Majority Stake, Will Remain Owner

Michael Jordan is promoting his majority possession stake within the Charlotte Hornets after 13 years.

The six-time champion began his affiliation with the franchise in 2006 when it was nonetheless known as the Bobcats. The former basketball celebrity purchased a minority stake that yr earlier than shelling out $180 million to change into the bulk proprietor in 2010.

Widely considered the best basketball participant of all time, Jordan grew to become the primary former participant and African-American to change into the bulk proprietor of an NBA workforce.

Despite Jordan’s unbelievable success throughout his enjoying days, his majority possession tenure was underwhelming. The Hornets by no means received a playoff collection and didn’t end above sixth within the Eastern Conference in 13 seasons. Charlotte additionally had the fifth-worst profitable proportion within the league in that span.

However, the six-time Finals MVP will nonetheless rake in $2 billion from the sale, greater than ten occasions what he paid in 2010, as effectively his profession earnings from the NBA wage and his bountiful Nike royalties for the previous 40 years.

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Michael Jordan Will Remain Minority Owner

Jordan’s time with the Hornets is not going to utterly finish, as he’s set to stay a minority workforce proprietor.

The basketball legend will promote his majority stake to a gaggle led by Gabe Plotkin and Rick Schnall. The transaction is topic to the approval of the NBA Board of Governors.

Grammy Award-winning rapper and North Carolina native J. Cole is a part of the group that can buy the bulk stake.

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