Michael Jordan Eyeing $1.7 billion Pay-day for Charlotte Hornets
Even though he’s having trouble selling his Chicago mansion, multiple sources, including NBA Commissioner Adam Silver and NBA insider Adrian Wojnarowski from ESPN, believe Michael Jordan is ready to make some sweet bank on his share of the Charlotte Hornets. Despite becoming the first and only Black majority team owner in 2010 for a cool USD$275 million, the former Chicago Bulls player could be looking at a cut of the franchise now worth upwards of USD$1.7 billion. Talk about being the greatest of all time.
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Basketball legend Michael Jordan is in deep discussions to sell most of his stake in the Charlotte Hornets franchise, with reports suggesting that he owns up to 97% of the team. The buyers in question are a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, as per sources close to the matter who spoke to ESPN recently.
Rick Schnall, who’s the co-president at private equity firm Clayton, Dubilier & Rice in New York, was part of a group that included majority owner Tony Ressler and Grant Hill, who bought the Atlanta Hawks in 2015 for a reported USD$850 million.
Although nothing has been officially announced yet, it looks like things are heating up, with NBA Commissioner confirming that talks are in place with Mike Vorkunov of The Athletic. “Yes there are discussions ongoing but nothing has been decided,” said Adam Silver. If the sale does go through, Plotkin and Schnall would become co-governors of the Hornets, while Jordan would keep a minor stake in the team.
Jordan is a true legend of the game, having won six NBA championships and five MVP awards, and he’s widely regarded as one of the all-time greats. He’s also the only Black majority owner in the league, which is no small feat. In 2020, he sold a significant minority stake to Gabe Plotkin, founder of investment firm Melvin Capital, and Daniel Sundheim, founder of D1 Capital.
Sources suggest that Sundheim is part of the group currently negotiating to buy the Hornets, but if they acquire a majority share, it would spell the end of Jordan’s 13-year run as owner. As to why he’s planning to sell his majority stake. Who knows. But we’re sure if you asked him, he’d take that personally.
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