Charlotte Hornets sales push Michael Jordan balance from $2 billion to $5 billion
NBA icon Michael Jordan has made most of his money that is worth billions after he retired from playing basketball. As legendary as his career has been, the cultural impact his image has is at an all-time high. Jordan Brand alone is where he gets the most revenue from, that was exactly what allowed him to buy the Charlotte Hornets' majority steak for about $275 million back in 2010.
On Thursday, August 3, 2023. Michael Jordan finally made the sale of his majority stake official. He sold the team for $3 billion, which effectively made him a $2.25 billion profit. In the span of 13 years, making a team grow to those levels can only be done by someone with the star power of Michael Jordan.
If that wasn't enough, Michael Jordan is also keeping a minority steak on the team while former minority owner Gabe Plotkin is set to join Rick Schnall as co-Chairman. Both of them are also set to join forces as Co-Chairmen of Hornets Sports & Entertainment. Every five years, they are set to rotate the
governorship of the team. Schnall is the one who will take the first term. Michael Jordan's sale also leaves the NBA without any African American team governors. MJ was the only one within that group of owners. During his 13-year run, Michael Jordan wasn't able to win any championships. However, there were some good decisions he made during that time.
Perhaps one of the most important decisions Michael Jordan made as the owner of the Hornets was to draft LaMelo Ball. The youngest of the Ball brothers is definitely the most talented and Jordan landed his contract during the draft. Also, the legendary Chicago Bulls star managed to position the team as one of the biggest brands in the world.
Currently, Forbes estimates that the Charlotte Hornets are currently valued at $1.7 billion. This is a $1.3 billion increase since Michael Jordan bought the team in 2010. Making this decision to give up on ownership and enjoy his spoils proves how much wealth Michael Jordan has at the moment.
Now that it has been made official, Michael Jordan's total net worth increased from $2 billion to $5 billion overnight.