Someone has offered a theory explaining the reason Michael Jordan is selling his majority stake in the Charlotte Hornets and it seems plausible enough.
MJ’s decision to purchase the NBA franchise turned out to be a very profitable one as he should walk away with $3 billion after the sale. However, the “Rico Knows” YouTube channel is pointing to certain poor choices The GOAT has made in recent years which have forced him into selling the team.
In the video below, you could hear a detailed explanation of the way the GameStop saga has made life difficult for the six-time NBA champion and, how, despite all of his investments and the money he makes off the Jordan Brand with Nike, he’s still in a financial conundrum.
Jordan infamously lost $500 million shorting GameStop stock in 2021, joining multiple wealthy names who bet against the video game retailer. The store is still around and thriving, with the folks who bet the other way witnessing incredible returns.
The former Chicago Bulls shooting guard welcomed Gabe Plotkin as a partner and minority shareholder before throwing the aforementioned sum into the fire. Plotkin is said to have lost close to $7 billion from the error in judgment and he’s exactly who MJ is selling to.
You could hear the full explanation in this vid:
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There’s no way of knowing if this is true just yet, but it does make sense, especially given the buyer. In any case, MJ was hardly great at being an owner as the Hornets have only made the playoffs three times since he took over as the majority shareholder in 2010.
