Is Michael Jordan Really Selling the Charlotte Hornets?

Jordan Selling

One week ago, reports of Michael Jordan selling a majority stake in the Charlotte Hornets surfaced, but Jordan’s family office has since spoken out.

MJ is reportedly in serious talks to sell to a group led by Hornets minority owner Gabe Plotkin and Hawks minority owner Rick Schnall.

However a statement from Jump Management, Jordan’s family company, on Wednesday indicated that a sale on Jordan’s part is not guaranteed.

“Four years ago, Michael Jordan sold a stake in the Charlotte Hornets to a Gabe Plotkin-led group,” the statement read. “As a natural step in a process due to that transaction, Michael and Gabe are in discussions about his group potentially buying an additional stake. At this time, it is unclear whether an additional sale will take place.”

In 2010, Jordan paid around $175 million to take majority control of the franchise, acquiring about 65 percent of equity from Bob Johnson.

Nine years later, he sold a piece of the Hornets to two New York-based investors in 2019 – one being Plotkin and the other was Daniel Sundheim.

Last year, Charlotte were estimated to be worth $1.7 billion – one of the least valuable teams in the NBA, but if he were to sell, MJ would still make a mammoth profit.

 

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