NBA GOAT Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets for an undisclosed sum. He will still retain a minority stake after the sale. The deal values the team at $3 billion, according to ESPN’s Adrian Wojnarowski, which means that Jordan could receive $1.5 billion, or more, depending on how much of the team he hangs onto. It ends his 13-year run as majority owner.
The agreement, which has been in the works for months, was announced this morning by the Bobcats. The buyers are a group led by Gabe Plotkin and Rick Schnall, who are currently a minority owner with the Hornets and a minority owner with the Atlanta Hawks, respectively. Jordan had already sold minority percentages to Plotkin and Daniel Sundheim, a founder of DI Capital, in 2019.
The Hornets’ official statement notes that the deal is dependent on approval from the NBA’s board of governors, but it should sail through.
The six-time NBA champion bought a small share in the Hornets (then the Bobcats) in 2006. Five years later, he bought a majority stake for about $275 million, according to the Robb Report. At the time, he was the only Black majority owner in the league.
Earlier this year, Forbes valued the Hornets at about $1.3 billion. Today’s deal more than doubles that, arithmetic that’s all the more remarkable given that the small-market Hornets had the fourth-worst record in the NBA last season.
So whatever the percentage, Jordan is making a handsome profit on his investment.