Michael Jordan is in serious talks to sell a majority stake in the NBA franchise he owns.
ESPN first reported Jordan’s intent to cash in on his investment in the Charlotte Hornets, who are valued by Forbes at $1.7 billion.
A group led by current Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rich Schnall are poised to grab Jordan’s majority stake.Jordan, who is the only black owner among the NBA’s 30 franchises, would remain as a minority owner, ESPN reported.Jordan sold a piece of the team to Plotkin, who made his fortune as the founder and chief investment officer at Melvin Capital, a few years back.
The Chicago Bulls legend, rated by many as the greatest player in history, originally paid $275 million for a majority stake in the team in 2010, meaning he is likely to quadruple his investment.
The Hornets are ranked the 27th most valuable franchise in the league by Forbes, well behind leading trio Golden State Warriors ($7 billion), New York Knicks ($6.1 billion) and the Los Angeles Lakers ($5.9 billion).
The Hornets have been consistently bad under Jordan’s ownership, only making the playoffs three times in 16 seasons and losing in the first round on all three occasions.
This season has been no different. The Hornets have the fourth worst record in the league with 22 wins and 49 losses but are among a quartet of franchises hoping to land the number one pick in this year’s draft and select generational French talent Victor Wembenyama.
Jordan was famously underpaid for most of his NBA career, earning less than a million dollars a season for his first four seasons before signing an eight-year $26 million contract that covered most of his peak.
The Bulls attempted to atone with one-year deals worth $30.1 million and $33.1 million in 1996 and 1997 — which were extraordinary at the time — but Jordan still doesn’t crack the top 100 for career earnings.
He accumulated the bulk of his wealth through endorsements, including an ongoing Nike deal that reportedly netted him $256 million in 2022 alone.