How much did Michael Jordan spend to buy the Hornets?
Now a 1.77 billion franchise, Jordan had acquired the majority ownership of the Charlotte Bobcats in 2010. But exactly how much did Michael Jordan buy the Hornets for?
Follow Us
Micahel Jordan (Getty)
Michael Jordan is by far one of the richest sports personalities in the world. With a glorious NBA career, MJ has earned over $1.8 billion just from corporate partners like Nike, Hanes, and Gatorade. The majority stakeholder of the Charlotte Hornets, Jordan had been part of the franchise’s ownership since 2006. But exactly how much did Michael Jordan spend to buy the Hornets?
Following his retirement, Jordan acquired the majority ownership of the then-Charlotte Bobcats in 2010. MJ’s desire to own the majority stake of a franchise relates back to his hometown. North Carolina, where Jordan originally grew up, also happens to be the home of the Hornets.
Later in 2020, Micahel sold minority stakes to Daniel Sundheim of D1 Capital and Gabe Plotkin of Melvin Capital. Currently having a net worth of $ 1.7 billion, the Charlotte Hornets have soared a long way since MJ’s acquisition of the team. But exactly how much had Michael Jordan spent to buy the Hornets?
How much did Michael Jordan spend to buy the Charlotte Hornets?
Micahel Jordan gained the majority ownership of the Charlotte Hornets in 2010 for a total of $275 million from Bob Johnson. Then known as Charlotte Bobcats, their low ticket sales and lack of sponsors had resulted in a $30 revenue loss before MJ took over.
Nevertheless, the legend was elated to have acquired the ownership of a team in his hometown of North Carolina. Jordan started off with the vision to build a title-contender team under his ownership. Then on, the Charlotte Hornet advanced immensely in terms of their sporting project as well as commercial stance.
Following the event, Jordan expressed his gladness to have acquired the majority stakes of the Hornets. “Purchasing the Bobcats is the culmination of my post playing career goal of becoming the majority owner of an NBA franchise.”
“I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina,” Jordan added. “I plan to make this franchise an organisation that Charlotte can be proud of, and I am committed to doing all that I can to achieve this goal.”
How much are the Charlotte Hornets valued at now?
As of today, the Charlotte Hornets are valued at an estimated $1.77 billion. Michael reportedly holds about 80% of the stakes and is the chief holder of majority ownership. Since buying out the Hornets from Bob Johnson, the value of the club has escalated over the years.
MJ’s sporting project has substantially added to his already astounding net worth, and there possibly is more news up the pipeline. As per ESPN’s Adrian Wojnarowski, Jordan might be engaged in talks to move on from his ownership as the majority stakeholder.
To be precise, Michael Jordan might actually be looking to sell his majority ownership of the Charlotte Hornets. And the interested investors in question are no strangers. Reportedly, MJ is in serious negotiations with a group led by Hornets’ Gabe Plotkin and Atlanta Hawks’ minority owner Rick Schnall.
Whether Jordan is willing to sell off the entirety of his ownership is not properly known as of today. An 80% stake may amount to up to $1.5 billion, which will be a massive addition to his already astounding wealth. However, MJ will possibly keep a minority share in the Club if the negotiation indeed goes through.
Although what reasons may have triggered the move from Jordan is yet to be discovered. Remains to be seen if there will truly be a transition of ownership for the Charlotte Hornets. And if yes, by what margin exactly? Only time will tell.
In case you missed:
Who is V. Stiviano, Donald Sterling’s girlfriend in 2014?
Magic Johnson’s Finals Appearances: How many NBA Finals has the Legend been to?
Stay Updated!
Ritvik Malhotra
(1085 Articles Published)