Michael Jordan is considered by many to be the greatest player to ever lace up a pair of sneakers, and the numbers certainly indicate as much. As an owner in the NBA, however, his run has been nothing short of atrocious.
The former Chicago Bulls star purchased a minority share in the then-Charlotte Bobcats back in 2006 and, four years later, became the majority owner as he forked out $275 million to purchase a larger share.
The team went back to being the Hornets in 2014 and, while Jordan’s ownership has been great marketing for the league, he hasn’t seen a lot of success as the man in charge, with the Hornets making just three appearances in the playoffs under his reign.
Well, it appears the erstwhile shooting guard is done as ESPN insider Adrian Wojnarowski is reporting that the 60-year-old is finalizing a deal that will see his stake change hands, with Gabe Plotkin and Rick Schnall set to purchase. The pair bought a 20 percent stake in the franchise back in 2019 and are now poised to become the majority owners.
While it’s unclear how much of the team Jordan actually owns, it’s believed to be somewhere between 70 and 80 percent.
In any case, MJ is set to make some major bank as the sale of a 31 percent stake would see him rake in over $500 million. A 59 percent stake would see him walk away with more than $1 billion as Forbes values the Hornets a $1.7 billion. According to Woj, though, he’s selling for around $3 billion.
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So, although he’s thought to be way out of his depth as an owner, His Airness looks set to cash out on his investment with some jaw-dropping returns.
