Why is Michael Jordan selling the Hornets? Real reason revealed
Details of why Michael Jordan wants to sell his stake and his journey as owner of the Hornets
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Michael Jordan
Michael Jordan has been considering selling his share of the Charlotte Hornets for $1.7B after being the majority owner since 2010. The Charlotte Hornets have been one of the most inconsistent teams in the NBA since 2010 under Michael Jordan, finishing with a record above .500 just three times since then. The Chicago Bulls legend purchased the team for $180m in 2010 and will make a significant profit if the sale goes through.
The Hornets fans, however, have been quite critical of Jordan’s decisions as the team has not improved at all over a decade under his ownership. The Hornets have made just two playoff appearances and won three games in the playoffs since 2010. Michael Jordan felt like he struck gold when they were able to draft Lamelo Ball and get above 40-wins in 2021 but with Miles Bridges getting kicked out of the league and Ball getting injured, it feels like the Hornets are back to square one.
Michael Jordan bought majority ownership of the team in the first place because it is his hometown team. Jordan was born and brought up in Wilmington, North Carolina, and Charlotte is the team that represents his state. However, MJ seems to have suffered the Phil Jackson curse as his former coach was legendary as a coach, but as a GM for the New York Knicks, Jackson got a lot of stick. Jordan is heralded as one of the greatest ever, but he has been disappointing as an owner.
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Michael Jordan is looking to cash out after over a decade of disappointment
Jordan first became involved with Charlotte during their time as the Bobcats, purchasing a minority ownership stake in the organization in 2006. Jordan ultimately has a minor involvement in the Hornets’ woes, but he probably isn’t happy about it, given that they have consistently been one of the worst teams in the NBA. For some time now, there have been rumors that he might sell the team’s remaining ownership, but up to this moment, he hasn’t done so.
As a player, Jordan was always about the winning mentality, going 6-0 in the NBA Finals and losing just one playoff series after winning his first championship. However, as an owner, the inability to translate that success has irked him quite a bit. Jordan has attended multiple Hornets games throughout the years with visible frustration on his face when they lose, which they perpetually are as they have a 423-600 record since 2010.
Despite the lack of success, Jordan has made more than nine times what he invested in the company in 2010. After decades of despair, Jordan has decided that he will sell his majority stake, but any businessman has yet to offer a conclusive offer to buy the team. Jordan has run out of ideas to help this spiraling franchise, but he will also be making a lot of money by stepping away.
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Anuj Shrikanth Iyer
(290 Articles Published)