NBA
Reports suggest Hornets owner Michael Jordan is in “seriously talks” to sell most of his stakes
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All posts by Antonio KozlowUpdated5 hours ago on April 26, 2024
After 13 years owning the Charlotte franchise, it seems that Hall of Famer Michael Jordan could soon be selling his majority stake in the team. Back then he paid $180 million, as the club is now reportedly said to be worth around $1.77 billion.
According to ESPN insider Adrian Wojnarowski, the former Chicago star is in “serious talks” with both Atlanta Hawks minority owner Rick Schnall and Gabe Plotkin, another Hornets owner with lesser stakes.
As no more details have surfaced at this time, all we know is that this potential deal would place Plotkin (who runs Melvin Capital Management) and Schnall (co-president of investment firm Clayton, Dubilier, & Rice) as co-owners, while Jordan would maintain his status with a minority stake.
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
Back when the team was still called the Bobcats in 2006, Jordan first bought in for a minor ownership. Four years later, the NBA star paid for a majority stake from former owner Robert L. Johnson, which meant that over the those 13 years, he’s been the only black majority owner in the league.
During his time guiding the franchise, the Hornets have only performed four winning campaigns, recording a frustrating 418-600 mark. In those winning seasons, only two meant a run through playoffs, but both times Charlotte was eliminated in the first round.
Discouragement would be an understatement for Jordan, as his team currently holds the worst record in NBA history. Back in 2012 the Bobcats logged 7-59 after regular season, becoming the lowest point in his run owning the squad.
Before he dedicated his time to be an entrepreneur, Jordan was a six-time NBA champion, five-time NBA MVP, and 14-time NBA All-Star athlete, considered as one of the greatest basketball players in the league’s history.
Jordan’s ‘Last Dance’ sneakers could go for a record $4 Million at auction
Back in 1998, Michael Jordan wore his iconic black and red Air Jordan 13s as the Bulls won Game 2 of his last NBA Championship that eventually meant his historic sixth title in a row with Chicago. Now, those shoes are expected to break auction records as they are going on sale next month in Sotheby’s in New York.
The open bidding will take place from April 3rd to the 11th, as many experts estimate it will go for an estimate of $4 million, which would break the current record from 2021, when a pair of Nike Air Ships worn by the Bulls star were sold for $1.47 million.
Michael Jordan’s ‘Last Dance’ sneakers could go for a record $4 Million at auction 💰 pic.twitter.com/JRgckuHpJh
— Daily Loud (@DailyLoud) March 16, 2023
“Michael Jordan game-worn sports memorabilia has proven time and time again to be the most elite and coveted items on the market,” said Sotheby’s head of streetwear and modern collectables, Brahm Wachter. “However, items from his ‘Last Dance’ season are of a greater scale and magnitude as seen with our record-breaking sale of his Game 1 jersey in 2022.”
The sale is taking place during “Jordan Year”, a reference to the Jordan’s iconic Chicago jersey number 23.
