Basketball
Michael Jordan Sells Majority Stakes in Charlotte Hornets For Reported $3 Billion
by privatebet.com - 2023/06/17
The NBA legend Michael Jordan served as the majority owner of the Charlotte Hornets for 13 years, but he’s getting ready to let go. The five-time MVP reportedly agreed to sell his stake to a group led by Gabe Plotkin and Rick Schnall for a $3 billion valuation. Jordan has been NBA’s only Black majority owner since he paid $275 million for his majority stake in the franchise in 2010. He already sold a minority stake to Plotkin back in 2019, but the founder and chief investment officer of Melvin Capital is now getting ready to become a majority owner of the Hornets. A potential sale has been looming on the horizon ever since Jordan’s family office, Jump Management, confirmed they’re considering taking this step last month. “Four years ago, Michael Jordan sold a stake in the Charlotte Hornets to a Gabe Plotkin-led group. As a natural step in a process due to that transaction, Michael and Gabe are in discussions about his group potentially buying an additional stake,” said Jump Management in a statement. Even after the sale, Jordan intends to keep a minority stake and oversee the team’s basketball operations. Despite his impressive track record in the NBA, the Hornets have struggled under Jordan’s reign and haven’t reached the playoffs since the 2015-16 season.