Michael Jordan’s tenure as the Charlotte Hornets owner is coming to an end.
He has agreed to sell the majority stake in the franchise to an investor group led by Gabe Plotkin and Rick Schnall for 3 billion dollars.
The six-time NBA champion tried to leave a mark on this franchise and be as successful as he was during his playing days, yet things didn’t work out.
From a business standpoint, Jordan’s time with the Hornets must be considered a success, as he’s set to make a big profit after selling the Hornets.
Michael Jordan made $2.725 BILLION by selling the Charlotte Hornets, an 11x increase from 2010 to 2023 😳💰
Jordan’s Hornets never won a playoff series & he still made almost $3 Billion as the team owner 🐐 pic.twitter.com/c4Qf6x2Jgn
— NBA Buzz (@OfficialNBABuzz) June 17, 2023
Jordan bought a majority stake in 2010 for $275 million.
If the sale is approved, Jordan will receive around 10 times the original investment he made.
Moreover, Jordan made in this single move more than he’s earned with Nike since their partnership started in 1984.
Michael Jordan in 13 seasons as Hornets owner:
• Never won a playoff series
• Never finished higher than 6th in East
• 5th worse winning % in the NBAYet MJ will still make over $2 BILLION on the deal, which is more than he has made from Nike in 40 years.
That’s crazy 🤯 pic.twitter.com/lKa82kSdES
— Joe Pompliano (@JoePompliano) June 16, 2023
The Hornets were never a contender and never finished higher than No. 6 in the Eastern Conference standings during Jordan’s tenure.
They made questionable decisions in the draft, and even after landing LaMelo Ball in 2020, the team couldn’t get further than the play-in tournament.
Jordan leaves the team with a 423-600 record. They posted their best record in 2016 at 48-34, but once again lost in the first round of the playoffs.
Jordan was an incredible player with the Chicago Bulls, but that didn’t seem to help him when leading a team from the front office.
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Fans React To Michael Jordan Agreeing To Sell Charlotte Hornets
