“Jorbum can’t even own a team properly when LeBron owns the Warriors” – Michael Jordan EXITS as majority owner of Hornets, NBA Twitter shows the GOAT NO MERCY
Fans playfully mocked Michael Jordan after he sold his majority stake in the Hornets.
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Michael Jordan (AP Photo)
In a significant development, Michael Jordan has successfully completed the sale of his majority stake in the Charlotte Hornets. The deal has been officially approved by the NBA’s Board of Governors, making the ownership transition official.
Jordan will hand over the mantle to a group led by Gabe Plotkin and Rick Schnall. The deal will mark an end to Jordan’s 13-year tenure as the organization’s majority owner but he is expected to remain as a minority owner of the Hornets.
Although the percentage of the stake Jordan is selling was not disclosed, the deal is reportedly worth to be over $3 billion. The Goat’s run as the Hornet’s owner was filled with controversies and saw little success with the team fighting to stay relevant for the past decade.
During Michael Jordan’s ownership tenure, the Charlotte Hornets faced a challenging period, missing the post-season for seven consecutive years and failing to win any playoff series. While his time as an owner might not have been marked by on-court success for the team, it is worth noting that Jordan’s decision to sell his majority stake proved financially rewarding.
When Jordan bought the team in 2010, the team’s value was marked at only $275 million, which is now sold at over the billion mark, 11 times the return on investment of the initial purchase. Despite his departure from the team, Jordan faced scrutiny just before the sale for some of his decisions as an executive, notably the drafting of Brandon Miller during the NBA Draft.
After the season’s conclusion, the deal for the sale of the Charlotte Hornets was promptly presented to the NBA’s Board of Governors. Despite the impending sale, Michael Jordan continued to oversee the organization’s operations until the NBA Draft, which subsequently stirred controversy. Nevertheless, the completion of the sale played a pivotal role in solidifying Jordan’s billionaire status, significantly boosting his net worth to over $4 billion.
Related: Michael Jordan vs LeBron James: Who is richer?
NBA fans react to Jordan’s sale of the Charlotte Hornets
Michael Jordaan’s decision to sell the Hornets quickly sparked the good-old Goat debate on Twitter. NBA fans wasted no time in contrasting Michael Jordan’s tenure as the owner of the Charlotte Hornets with LeBron James‘ on-court dominance.
Fans were joking around with words, playing with how James has ‘owned’ the Warriors during his career. While Jordan’s ownership of the Hornets was marked by a lack of success on the basketball court, James had a storied rivalry with the Warriors during his playing career.
With Michael Jordan’s departure as the team’s owner, the Hornets will be entering a new phase, seeking stability and success in the league. The organization is now focused on building for the future, placing their hopes in young talents like LaMelo Ball and Brandon Miller, who have become key figures for them.
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