Michael Jordan to Sell Majority Stake in $1.7 Billion Business - Report
Basketball legend Michael Jordan is eyeing selling his NBA franchise.
The retired sports star is in negotiations to sell his majority stake in the Charlotte Hornets, according to a Thursday ESPN report.
Jordan is “engaged in serious talks” to sell his stake in the franchise to a group involving Atlanta Hawks minority owner Rick Schnall and Hornets minority owner Gabe Plotkin, according to the report.
ESPN Sources: Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. pic.twitter.com/jg03W25s49
— Adrian Wojnarowski (@wojespn) March 16, 2023
Jordan and his peers have seen significant progress in the negotiations, according to ESPN.
Jordan would maintain a minority ownership stake in the team in the outlined agreement.
Jordan became the majority owner of the Hornets in 2010, and the team has seen less success than the legendary player in his own playing career.
The Hornets have only had three winning seasons since Jordan became the majority owner, according to the Sports Business Journal.
Even though the team hasn’t seen on-court success, the sale could represent a financial windfall for Jordan.
The Chicago Bulls great acquired a majority stake in the team for $275 million in 2010.
Jordan first acquired a minority stake in the franchise in 2005, according to Sports Illustrated.
The Hornets are currently valued at $1.7 billion, according to some estimates.
Michael Jordan is selling majority ownership in the Charlotte Hornets basketball team. Jordan purchased around 65% of the franchise for $180 million in 2010. Today the franchise is worth more than $1.7 billion. pic.twitter.com/ciGTP7qg1X
— Black Millionaires ® (@Blackmillions_) March 17, 2023
The change in ownership won’t lead to the franchise relocating from Charlotte.
“With or without a sale, the Hornets will be staying put” in the Charlotte market, according to one local journalist cited by the Sports Business Journal.
Jordan, a six-time NBA champion, is widely considered the greatest player in the history of the league.
The retired athlete and businessman already has a net worth of $2 billion, according to an estimate of his wealth from Forbes.
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