A chunk of Michael Jordan's ownership in the Charlotte Hornets is apparently up for sale.
If the purchase goes through, Michael Jordan will likely continue to have a stake in the organization as a minority owner and Gabriel Plotkin and Rick Schnall would become co-governers, according to Sportskeeda.
Plotkin and Schnall will buy Michael Jordan's controlling interest, according to ESPN's Adrian Wojnarowski. The sports journalist noted that the three are in serious negotiations.
The decision of Michael Jordan to sell the controlling interest may be crucial. Through the sale of the majority shares, Michael Jordan earnings could be up to $1.5 billion.
As of 2023, the Charlotte Hornets net worth is reportedly $1.7 billion, according to Forbes.
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Michael Jordan, a six-time NBA champion and regarded by many as the greatest basketball player of all-time, acquired a minority share in his home state team in 2006 and then bought the controlling stake from then-owner Robert Johnson for $275 million in 2010.
In 2014, "His Airness" renamed the Charlotte Bobcats the Charlotte Hornets after purchasing the franchise's trademarks and history from the New Orleans Pelicans.
Lackluster Performance Through the Years
During Michael Jordan's, the Charlotte Hornets have struggled, typically finishing in the lottery. Throughout his 13 years as majority owner, they reached the playoffs twice (2014 and 2016). Both times, Charlotte was eliminated in the first round.
The Kemba Walker-led Hornets had their best NBA season in 2015-16 when they ended with a 48-34 record to place sixth in the Eastern Conference before losing to the Miami Heat in the first round of the playoffs, according to DraftKings Nation. After that, the team would continue to struggle, placing no higher than eighth in any of the next six seasons, which may have an effect on Charlotte Hornets net worth.
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