Michael Jordan’s involvement in the league didn’t end when he walked off the court. After retirement, Jordan dreamed of owning a team.
The journey to ownership led to his investment in the NBA’s Charlotte Hornets in 2006 when he became a minority shareholder.
Later, in 2010, he purchased a majority stake in the team from Bob Johnson.
The exact amount of the sale is unclear. However, ESPN reports the rumored sale was $275 million while The Charlotte Observer states it was $180 million.
Regardless of the price tag attached, he set a new standard as the only Black majority owner of a sports franchise.
“Purchasing the Bobcats [now the Hornets] is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise,” said Jordan at the time of purchase, according to Bleacher Report. “I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina.
In 2019, Jordan sold a portion of his stake to New-York based investors Gabriel Plotkin, a founder of Melvin Capital, and Daniel Sundheim. Jordan still maintained 97% ownership in the Hornets after the sale, The Charlotte Observer reports.
Now 13 years later, Jordan is rumored to be “in talks” to sell his stake in the franchise, which also includes Atlanta Hawks minority owner Rick Schnall, The Charlotte Observer reports.
If a sale is finalized, Jordan would reportedly maintain a minority stake in the Charlotte Hornets, according to close sources.
“No deal is imminent, but there’s significant momentum on a sale that would eventually install Plotkin and Schnall as the co-governors of the Hornets, sources said. If sale is completed, Jordan would be expected to keep a minority stake in team,” wrote ESPN’s Adrian Wojnarowski in a tweet.
No deal is imminent, but there’s significant momentum on a sale that would eventually install Plotkin and Schnall as the co-governors of the Hornets, sources said. If sale is completed, Jordan would be expected to keep a minority stake in team.
— Adrian Wojnarowski (@wojespn) March 16, 2023
According to The Charlotte Observer, Jordan’s family office Jump Management responded to the rumor by saying they “don’t comment on rumors and speculation.”
As of October 2022, Forbes estimated the team was worth $1.7 billion.