Adrian Wojnarowski of ESPN reports that Michael Jordan is in “serious discussions” to sell a stake in the Charlotte Hornets.
Jordan would continue to hold a minority stake in the team, but Gabe Plotkin and Rick Schnall would take over as co-governors.
Both Plotkin and Schnall are minority owners of NBA teams; Plotkin of the Charlotte Hornets and Schnall of the Atlanta Hawks.
Jordan should consider cashing out now
For $4 billion, Mat Ishbia agreed to buy Robert Sarver’s controlling stake in the Phoenix Suns and the Phoenix Mercury of the WNBA in December. After waiting two months, Milwaukee Bucks owner Marc Lasry finally sold his shares to Jimmy and Dee Haslam for $3.5 billion.
In 2010, Jordan paid $275 million to buy the Hornets from Bob Johnson. He will make a tidy profit if he sells now or in the future. In December, Sportico estimated their worth at $1.77 billion, which is significantly lower than the actual sale price. Consider the $3 billion price tag placed on the Suns.
A change in ownership would be well received by Hornets’ fans
Since Jordan took over, Charlotte hasn’t been plagued by widespread anarchy and incompetence, but neither has it seen a surge in prosperity. During his tenure, the Hornets have made the playoffs three times but have been eliminated in the first round each time.
Charlotte has yet to sign any major free agents despite the high profile of Michael Jordan and the team’s history of poor draft picks.
This losing streak starkly contrasts Michael Jordan’s legendary competitive drive during his playing days.
Although it’s not certain that the Hornets’ financial situation will improve under new management, it’s hard to imagine it could worsen.
The reported talks of Michael Jordan selling most of his stake in the Hornets highlight the potential for significant financial gain for NBA Updates. While the Hornets have not been particularly successful during his tenure as owner, a change in ownership may be a positive development for the team and its fans. It remains to be seen whether new ownership will bring about greater prosperity, but given the team’s struggles in recent years, it’s difficult to imagine things getting much worse. Regardless of what happens, it will be interesting to see how this potential sale unfolds and its impact on the Hornets moving forward.