In 2010 Michael Jordan purchased the Charlotte Hornets franchise for $180 million dollars, at the time it may have seemed like loads of cash, but today the franchise is reportedly worth $1.77 billion dollars. It appears that his Goat status has also transferred into the business world, if the deal goes through it'll be one of the most profitable in the history of the NBA.
A group led by the Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall are the front runners to acquire the majority stake from MJ. Although the deal has yet to be finalized, sources say talks between both parties are advancing well and are growing increasingly more serious. This wouldn’t cut MJ out of the team ordeals completely, MJ would maintain a minority stake in the team and its interests. Along with becoming a six-time NBA champion and a five-time MVP, MJ has also been the NBA's only Black majority owner, selling the Hornets would end his 13-year run to an end.
Sources indicate that in 2020, Michael Jordan sold a good chunk of the minority stake in his team to both Gabe Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital. Rumors are circulating that Sundheim is now involved with the group that is aiming to purchase the Hornets from MJ in 2023. Steven Schnall, who currently serves as co-president of private equity firm Clayton, Dubilier & Rice in New York, was among the group that acquired the Atlanta Hawks in 2015 for $850 million, along with majority owner Tony Ressler and Grant Hill. It seems like the NBA is becoming one big monopoly board with the same groups acquiring multiple teams.
Although nothing has been made official, it's looking more than likely that the Charolette Hornets will be sold, brining Michael Jordans 13-year run as the only black majority owner in the NBA to a close. While we wait for more information on the situation to arise, connect with us, on Instagram and Twitter to stay up to date with the latest news and sneaker releases.