Michael Jordan’s tenure as owner of the Charlotte Hornets is coming to an end.
He agreed to sell a majority stake in the franchise for $3 billion to an investor group led by Gabe Plotkin and Rick Schnall.
The six-time NBA champion tried to make a mark on this franchise and be as successful as in his playing days, yet things didn’t work out.
From a business perspective, Jordan’s time with the Hornets should be considered a success, as he looks set to make a huge profit after selling the Hornets.
Michael Jordan sold Charlotte Hornets to earn $2.725 billion, an 11X increase from 2010 to 2023 😳💰
Jordan’s Hornets never won a playoff series and he still made nearly $3 billion as a team owner 🐐 pic.twitter.com/c4Qf6x2Jgn
— NBA Buzz (@OfficialNBABuzz) June 17, 2023
Jordan bought a majority stake in 2010 for $275 million.
If the sale is approved, Jordan will receive approximately 10 times the original investment he made.
Furthermore, Jordan made more in this single move than he has earned with Nike since their partnership began in 1984.
Michael Jordan in 13 seasons as Hornets owner:
• Never won a playoff series
• Never finished higher than sixth in the East
• Fifth worst winning percentage in the NBA
Yet MJ would still make over $2 billion on the deal, which is more than he’s earned from Nike in 40 years.
That’s crazy 🤯 pic.twitter.com/lKa82kSdES
— Joe Pompliano (@JoePompliano) June 16, 2023
The Hornets were never a contender and never finished higher than No. 6 in the Eastern Conference standings during Jordan’s tenure.
He made questionable decisions in the draft, and even after landing LaMelo Ball in 2020, the team didn’t advance past the play-in tournament.
Jordan leaves the team with a 423–600 record. They posted their best record in 2016 at 48–34, but once again lost in the first round of the playoffs.
Jordan was an incredible player with the Chicago Bulls, but it didn’t help him when leading a team from the front office.
Fans react to Michael Jordan agreeing to be sold to the Charlotte Hornets