For $3 billion, Michael Jordan is selling his full ownership in the Charlotte Hornets
Basketball great Michael Jordan and wealthy investors Gabe Plotkin and Rick Schnall have reached an agreement to sell Jordan’s majority ownership of the Charlotte Hornets of the National Basketball Association, a Jordan spokeswoman said on Friday.
According to a source close to the transaction, Jordan received $3 billion for the stake. As part of the agreement, Jordan will continue to control a small portion of the team.
After previously owning a minority investment in the franchise, Jordan purchased a majority position in the Hornets for $275 million in 2010. If the sale goes through, Jordan will have made about ten times his initial investment.
The Hornets have had trouble and have only reached the postseason twice while being owned by six-time NBA champion Michael Jordan.
The Hornets Sports & Entertainment group’s other assets are also included in the transaction, such as the Greensboro Swarm’s G League club, the Hornets Venom GT’s esports squad, and the management and operation of the Spectrum Center, which is where the Hornets play.
The NBA Board of Governors must approve the deal for the Hornets before it can go forward.
