Michael Jordan Sells Majority Stake In Hornets For Approximately $3bn

Summary:

• Michael Jordan has sold his majority share in the Charlotte Hornets
• Hornets sale approved by NBA Board of Governors
• Group led by Gabe Plotkin and Rick Schnall are the new owners of the Hornets

NBA great and legend Michael Jordan who had a majority stake in the Charlotte Hornets and led the team for the last 13 years, has sold his majority stake to a group led by Gabe Plotkin and Rick Schnall who purchased minority shares from Jordan in 2019.

The sale was approved by the NBA Board of Governors and is estimated to be around $3 billion.

Jordan Lost Yet Won With The Charlotte Hornets

Michael Jordan purchased a majority stake in the Hornets back in 2010 when the NBA franchise was struggling. That’s one of the main reasons why he paid just $275 million to get a majority stake in the team which he then led for the last 13 years.

The Hornets in some ways benefitted from having a huge name like Michael Jordan associated with the brand. However, the Hornets did not have the results they would have liked on the court, much to the disappointment of their fans. Some of the Hornets fans felt in the past that Jordan was one of the reasons why the team was struggling.

Jordan preferred to bring in a lot of family, business partners and friends to be a part of the Hornets and that caused many fans to accuse the NBA great of nepotism. His old NBA foe Charles Barkley also criticized what Jordan was doing to the Hornets.

While Jordan did not have a lot of success with the Hornets, he ended up on the winning side with the potential $3 billion sale, overall he would have made over $4.5 billion from sales of shares. Jordan has also decided to retain a minority stake with the Hornets and as an Alternate Governor.

Plotkin and Schnall Will Look To Take Hornets To Next Level

Plotkin and Schnall thanked Jordan for the opportunity to become new owners of the Charlotte Hornets and said they have plans to take the team to the next level!

In a statement, Plotkin and Schnall said

We will look to build a highly competitive basketball team, develop innovative business practices, give back to our community and connect with our fans. We plan to further invest in the team, the facilities and the fan experience, with the goal of delivering a winner to our fans throughout the Carolinas.

We are confident that our successful business backgrounds and our previous experience as NBA minority owners will be beneficial as we shape the future of the franchise as a best-in-class organization