What is the current value of Hornets? How much money will Michael Jordan add to his 1.7 billion Net Worth if he sells it?
Since the acquisition of the Franchise in 2010, Micahel Jordan has been the majority stakeholder of the Hornets. But what exactly is the current value of the Charlotte Hornets and how much will MJ add to his net worth if he decides to sell the franchise.
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Michael Jordan at the NBA all-star game 2022 (Getty)
NBA legend Michael Jordan is a global icon and one of the richest sports personalities in the world. With an incredible amount of wealth amassed over the years, Jordan’s billionaire status is nothing new to the fans.
Since the total ownership transition in 2010, MJ has been the majority stakeholder of the NBA franchise, Charlotte Hornets. Jordan had bought into the top with a total of $275 million from the previous majority owner, Robert Johnson, in 2010. But what is the current value of the Hornets?
Amid reports of Jordan negotiating to sell his majority ownership to a group of investors, speculations regarding the franchise value are one worth looking into. The group of suitors in question include Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.
What is the current value of the Charlotte Hornets?
During Jordan’s 13-year-long ownership, the Charlotte Hornets have seen a steady rise in their franchise value. The North Carolina-based franchise is now worth $1.77 billion. However, this was not set into action in one day.
Jordan already had a minority share in the Hornet’s ownership since 2006. He was the second largest individual owner behind Robert Johnson, founder of BET. It wasn’t until 2010 that MJ acquired Johnson’s share for a total bid of $275 million. Back then, Jordan’s share escalated to around 80%, making him the majority stakeholder of the Charlotte Bobcats.
Over his 13-season stint at the helm, the Hornets have seen a steady improvement in their sporting project. They have made two NBA playoff appearances since MJ took over at the top.
How much will Michael Jordan make if sells off the Hornets?
According to ESPN’s reports, Jordan is currently in serious negotiations to sell off the franchise majority stakes. It isn’t that the NBA legend is looking to completely sever ties with the Hornets but remain as a minor stakeholder instead. As to what percentage of the ownership is up for sale remains undisclosed to date. However, given he sells off the majority of stakes, Jordan could earn up to about $1.495 billion from the franchise.
As the current value of the Charlotte Hornets is around $1.77 billion, Jordan could add a massive $1.5 billion profit to his already $1.7 billion NET worth. Astounding, isn’t it? MJ first received his billionaire status back in 2014 as the NBA franchise value hiked.
Previously, Jordan had sold off minority stakes worth over $300 million to Gabe Plotkin of Melvin Capital and Daniel Sundheim of D1 Capital. To date, he still retains around 80% of the majority ownership of the Hornets. Plotkin remains one of the possible investors who might lead the franchise ownership in the near future.
How much does Michael Jordan earn now?
One of the wealthiest athletes ever, Jordan’s partnerships and endorsements have seen the star earn over $1.8 billion over the years. The NBA legend allegedly earns over 60 million from just his Nike/Jordan brand royalties every year. His yearly income exceeds 100 million from numerous endorsement deals and multiple business ventures.
Born in Brooklyn, New York, Jordan later grew up in Wilmington, North Carolina. Rooting perhaps from his love for his hometown, MJ went on to acquire majority ownership of the Charlotte Bobcats in 2010. As of today the current value of the Hornets stands at a tremendous $1.77 billion. The franchise can profit Jordan significantly if a possible sale is in talks.
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Ritvik Malhotra
(1085 Articles Published)