Michael Jordan is selling his NBA team, the Charlotte Hornets, according to a report. picture alliance / ZUMAPRESS.com | Jeff Siner
Michael Jordan is selling the majority stake in his NBA team, according to a media report.
The selling price is said to be around three billion dollars. He originally paid $275 million for his stake in the Charlotte Hornets.
Jordan will remain with the team with a minority stake, according to the report.
Michael Jordan has agreed to sell his majority stake in NBA team Charlotte Hornets. Again US TV station “ESPN” reported, the selling price should be about three billion dollars. The buyers are a group led by hedge fund founder Gabriel Plotkin and US entrepreneur Rick Schnall.
Former basketball player Jordan was himself a six-time NBA champion and is considered one of the greatest players in basketball history. The 60-year-old received the NBA’s most valuable player award five times during his playing career.
Jordan has been the main owner of the Charlotte Hornets for 13 years. As “ESPN” reports, he paid $275 million for his participation in 2010. So Jordan should make the investment more than $2.7 billion. But that’s not all: As early as 2020, according to the report, he sold a significant minority stake.
The increase in value is particularly interesting because the Charlotte Hornets have not performed particularly well since Jordan’s entry. Since then, the basketball team has made the playoffs only twice and has not won a single title. According to ESPN, Jordan will not completely turn his back on the Hornets. Even after the sale, he wants to keep a minority stake.
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