Not so fast: Is Michael Jordan really selling his stake in the Charlotte Hornets?
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Michael Jordan sells the Hornets
Michael Jordan’s tenure as the majority owner of the Charlotte Hornets is coming to an end. Jordan is selling a large part of his stake in the franchise to a group that includes Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.
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Editor’s note: This story was originally published in March 2023. On June 16, 2023, Hornets Sports & Entertainment announced Chairman Michael Jordan is selling his majority stake in the Charlotte Hornets.
Less than a week after a report surfaced that Michael Jordan was in serious talks to sell a large part of his stake in the Charlotte Hornets to a group that includes Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, Jordan’s family office cast doubt on that possibility.
On Wednesday, Jump Management, Jordan’s family company, released a statement indicating a sale is not imminent.
“Four years ago, Michael Jordan sold a stake in the Charlotte Hornets to a Gabe Plotkin-led group,” the statement read. “As a natural step in a process due to that transaction, Michael and Gabe are in discussions about his group potentially buying an additional stake. At this time, it is unclear whether an additional sale will take place.”
Jordan paid Bob Johnson about $180 million to take majority control of the expansion franchise in 2010, acquiring roughly 65% of the team’s equity from Johnson. He sold a piece of the Hornets to two New York-based investors — Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital — in 2019.
According to Forbes, the Hornets were worth an estimated $1.7 billion in 2022, which ranked No. 27 among 30 NBA franchises. Golden State is currently the most valuable American pro basketball team, worth $7 billion.
This story was originally published March 22, 2023 at 2:58 PM.
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