Michael Jordan’s net worth increases by $3 BILLION overnight after 11x return on investment
Michael Jordan is finalizing a sale of his majority stake of the Charlotte Hornets Franchise
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Adam Silver and Michael Jordan/ Via- Getty Images
Michael Jordan is set to sell the majority stakes of the Charlotte Hornets ending his chapter with the franchise after 13 years of serving as the Team’s majority owner.
Michael Jordan will finally hand over the mantle to a group led by Gabe Plotkin and Rick Schnall, ending a run as an owner of the franchise that was filled with mediocrity and little success. Jordan might not be successful in terms of pure hoops, but he did manage to earn back an exorbitant return on the investment he made when he bought the team.
When Jordan bought the team back in 2010, the value of the franchise was only valued at $275 million an extreme contrast with what the team is worth now with the team valued at over $3 billion which is 11 times more than the initial value of the team. Jordan hasn’t disclosed the percentage of his stake that he would sell but he is expected to be a minority stakeholder. It’s not clear how long the process of selling will take to be finalized by the NBA’s Board of Governors.
Although the Chicago Bulls star might fail as a team president of basketball operations, he tripled his net worth as the move to sell his stakes is projected to add over $3 Billion to the already insane wealth of the Chicago Bulls legend.
Jordan will still be in touch with the franchise as a minority stake owner and will continue to oversee the Hornets Organization through the NBA Draft and till the start of the NBA Free agency.
Charlotte Hornets caught in LIMBO after Jordan’s departure
The timing of Michael Jordan’s announcement to sell his majority stake came at the worst time possible for the Charlotte Hornets organization as the team is left with the decision of signing major key positions at the front office and is also left with the looming upcoming NBA Draft.
As per Bobby Marks, the absence of Jordan during a crucial time period could be detrimental to the Team and would be best for the Goat to stick around: “… At the end of the day, they [Jordan and Mitch Kupchak’s] don’t technically have a say in anything yet, but I would think they have to be part of the conversation, particularly when it comes to taking on future money.”
The Hornets have the second overall pick on Thursday’s NBA draft with the franchise projected to pick either Scoot Henderson or Brandon Miller but new reports have been looming around that the Pelicans might push for a Zion Williamson trade to the Hornets in exchange for the 2nd overall pick.
Jordan will still remain a major investor until the sale is approved by the NBA’s Board of Governors and is expected to still have his footprints in the decision-making process of the organization.
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Gerard Crispin
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