Michael Jordan Is in Talks to Sell His Majority Stake in the Charlotte Hornets: Report
Michael Jordan may be heading back into retirement. But this time, he’s hanging up his hat as the owner of the Charlotte Hornets.
The NBA legend is reportedly in talks to sell his majority stake in the franchise, ESPN reported on Thursday. According to the outlet’s sources, Jordan is said to be discussing the potential deal with Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, who are part of a group working to purchase the team. While the transaction isn’t expected to close any time soon, if negotiations go through, Jordan is likely to keep his minority stake and continue earning a profit.
More from Robb Report
A Pair of Michael Jordan's 'Last Dance' Sneakers Could Sell for a Record $4 Million Next Month
Byredo Just Dropped Four Limited-Edition Blankets to Celebrate March Madness
Michael Jordan Just Made a Record $10 Million Donation to Make-a-Wish for His 60th Birthday
ESPN Sources: Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. pic.twitter.com/jg03W25s49
— Adrian Wojnarowski (@wojespn) March 16, 2023
“No deal is imminent, but there’s significant momentum on a sale that would eventually install Plotkin and Schnall as the co-governors of the Hornets, sources said. If the sale is completed, Jordan would be expected to keep a minority stake in the team,” tweeted ESPN’s Adrian Wojnarowski, who broke the news.
In 2006, the six-time NBA champion decided to continue his legacy when he bought a small share in the Hornets, who at the time was known as the Bobcats. A few years later in 2010, he poured money into his initial investment by dropping a whopping $275 million to acquire the franchise and take majority control from Robert Johnson, making him the league’s only black majority owner and the only NBA player in history to own an NBA team.
Under The GOAT’s guidance, the Hornets’ value has risen significantly in the past decade. Despite not having any championships under their belt during Jordan’s 13-year tenure and only making the playoffs twice, the basketball team today is worth $1.7 billion per Forbes estimates, which is an 11 percent increase from just last year.
So yeah, while now would be a great time to sell, it’s still unclear whether MJ will go through with the deal. Jump Management, Jordan’s family office, told the Charlotte Observer, “We don’t comment on rumors and speculation.”
Sign up for Robb Report's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.