Michael Jordan In Talks To Sell Charlotte Hornets, Twitter Wonders What His Breaking Point Was
Source: Jacob Kupferman / Getty
Another major bag may be on the way for Michael Jordan.
Not only has his Air Jordan line of signature kicks certified him as a billionaire, but now his investment into the Charlotte Hornets is bolstering his pockets even more.
According to NBA Insider Adrian Wojnarowski, Jordan is in serious talks to sell a majority of his stake in the North Carolina team to a group led by the team’s minority owner Gabe Plotkin and Atlanta Hawks minority owner Rich Schall.
Jordan did make history as the league’s only Black majority owner upon buying the team over a decade ago, but he already sold off a bunch of it in 2020.
“Jordan sold a significant minority stake to Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital, in 2020, and sources said that Sundheim is part of the group working to purchase the team,” writes Woj.
Despite the dwindling Black representation throughout the league, the investment proved smart, as Jordan purchased the majority stake for $275 million in 2010, and the team is currently worth $1.7 billion.
In terms of NBA teams, it’s historically one of the worst franchises in the league and is the third least valuable team, with only the Minnesota Timberwolves, Memphis Grizzlies, and New Orleans Pelicans trailing.
BET owner Robert L. Johnson sold his majority stake to Jordan in 2010 and regretted it because of how much sports teams appreciate in value.
“Definitely, the regrets,” Johnson said in January. “I’d tell Michael about that all the time. … Michael was always my first choice to sell the team. He and I have been friends, you know, 10-15 years before I even owned the team. If I wanted to sell the team if I was forced to sell, it would be to Michael.”
See how Twitter‘s reacting to the potential sale below:
1.
Michael Jordan to the Hornets pic.twitter.com/wZCou6y8WS
— Jomboy Media (@JomboyMedia) March 16, 2023
2.
Me seeing Michael Jordan get the fuck out of the Hornets Front Office: pic.twitter.com/TWnUIRBl1D
— Charlotte Hornets Portugal
(@HornetsPortugal) March 16, 2023
3.
When they ask Michael Jordan why is he sell the Hornets.. pic.twitter.com/qXZbO6ipGH
— Van (@vanman_1000) March 16, 2023
4.
The Moment Michael Jordan knew it was Time to Sell the Hornets. pic.twitter.com/ehbAXP4OFj
— The Dawgzilla (@TheDawgzilla) March 17, 2023
5.
Michael Jordan’s son Marcus was disappointed about the news that he won’t be inheriting the Hornets. The silver lining is he will continue to live off Scottie Pippen’s alimony payments. pic.twitter.com/8VTzB96EPf
— Hubie Talks Hoops (@HubieTalksHoops) March 16, 2023
6.
Michael Jordan may be the worst NBA owner ever. I’m glad he has realized that and is selling the Hornets.
— hady (@RealHadySy) March 17, 2023
7.
The Suns missed the playoffs for 10 of the 13 Seasons that Michael Jordan has owned the Hornets and there are still 10 teams that have been worse than them in that stretch. https://t.co/Nd8ovFnQ8Z
— Cody Hunt (@co_dhunt) March 17, 2023
8.
In 2010 Michael Jordan paid $275 million for the Charlotte Hornets’ franchise.
In 2022 Forbes valued the Hornets at $1.7B.
Nice little 13 year investment for the GOAT.
— Ari Wagner (@AriHoopsWagner) March 17, 2023
9.
Michael Jordan has owned the Charlotte Hornets for 13 yrs. They’ve made the playoffs twice and won zero playoff series. They’ve drafted 10 lottery picks, who have made a total of four All-Star teams. Two of those were as injury replacements. What words best describe his tenure?
— Matt Pacenza (@mattpacenza) March 17, 2023
10.
Michael Jordan will still be a part owner of the Hornets, nimrod.
MJ is gonna make bank from selling the majority share.
Not that he needs it.
Remember, Lebron quit and ran away 3 times after losing miserably in the playoffs.
Jordan already won more than Lebron ever will. https://t.co/AQ4gkBONgn
— AirJordans23 (@AirJordans2323) March 17, 2023
11.
Casino owners seeing the news that Michael Jordan is about to sell his stake in the Hornets and have billions of dollars and unlimited free time pic.twitter.com/rPY8tNJeJi
— Philly’s Phinest Beercan (@BeercanBrain) March 17, 2023
12.
This is probably for the best. The Hornets have been awful since MJ took over as the majority owner in 2010.
Three winning seasons during that span just isn’t cutting it, and I can’t see any signs of that changing — unless they land Victor Wembanyama. https://t.co/iiqGumfuYy
— James Boyd (@RomeovilleKid) March 17, 2023
