Michael Jordan is selling his majority ownership stake in the Charlotte Hornets after 13 years.
Read the full release on https://t.co/BzkRIrrehy.
— Charlotte Hornets (@hornets) June 16, 2023
🔗 https://t.co/roYUH9ilgI pic.twitter.com/N17fYc0HBp
The six-time champion started his affiliation with the franchise in 2006 when it was still called the Bobcats. The former basketball superstar bought a minority stake that year before shelling out $180 million to become the majority owner in 2010.
Widely regarded as the greatest basketball player of all time, Jordan became the first former player and African-American to become the majority owner of an NBA team.
Despite Jordan's incredible success during his playing days, his majority ownership tenure was underwhelming. The Hornets never won a playoff series and did not finish above sixth in the Eastern Conference in 13 seasons. Charlotte also had the fifth-worst winning percentage in the league in that span.
However, the six-time Finals MVP will still rake in $2 billion from the sale, more than ten times what he paid in 2010, as well his career earnings from the NBA salary and his bountiful Nike royalties for the past 40 years.
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Michael Jordan Will Remain Minority Owner
Jordan's time with the Hornets will not completely end, as he is set to remain a minority team owner.
The basketball legend will sell his majority stake to a group led by Gabe Plotkin and Rick Schnall. The transaction is subject to the approval of the NBA Board of Governors.
Grammy Award-winning rapper and North Carolina native J. Cole is part of the group that will purchase the majority stake.
J. Cole is part of the group buying majority stake in the Hornets from Michael Jordan 🔥 pic.twitter.com/oNtBGVy6hP
— Bleacher Report (@BleacherReport) June 16, 2023
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