Michael Jordan hopes that other former NBA players attempt to become team owners in the future. Jordan, the only African-American majority owner in the NBA, told reporters that he hopes his path from player to owner helps pave the way for others to follow.
"In some ways you feel good about it, that hopefully you've paved the road for other players to do that," Jordan said. "I've also paved the road in that [your] criticism is also going to be viewed in a much different way than other owners because of your talent -- that you played the game and impacted the game. But it is a road I would love to see other guys follow. Hopefully they will get the opportunity."
Former NBA stars Chris Webber, Dikembe Mutombo and Dominique Wilkins are a few players representing groups interested in purchasing the Atlanta Hawks. The Hawks are looking for new ownership following current owner Bruce Levenson's announcement that he will sell the team after a racially insensitive email he wrote was discovered.
Other NBA legends such as Magic Johnson, Jerry West and Shaquille O'Neal have dabbled with minority ownerships in NBA franchises. O'Neal is an active part-owner with a current stake in the Sacramento Kings.
Jordan was the ground-breaker, however, he upgraded his minority share in the then-Bobcats to full ownership after buying out previous owner Bob Johnson for $175 million. While the team struggled through a 28-120 stretch during Jordan's first few years, a 43-win season and a playoff berth last year has Charlotte's fortunes looking up.
The value of NBA franchises is increasing greatly as can be seen with the recent sales of the Los Angeles Clippers and Milwaukee Bucks. Forbes magazine listed Jordan's net worth north of $1 billion last summer, thanks to the upward trajectory of the Hornets, as well as lucrative endorsement deals such as Nike.
"Am I an owner that made mistakes? Yes," Jordan said. "Am I an owner that made good decisions? I like to assume so, yes. Based on wins and losses over the years, I've been in ownership, people have questioned that. Now that we're winning, people are giving their opinions about that from a different perspective."
Jordan, 51, identified the key assets you need to successfully transition from player to owner: strong financial support, thick skin and a big-picture viewpoint.
"I think you have to [have] forward vision," Jordan said. "You can't just wake up and say, 'I want to own a team.' You have to prepare yourself for that. I went through that road that led to this ownership, and I made some mistakes. But I'm better for that. I'm better because of that."
