Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday.
Purchased from Bob Johnson for $180m in 2010. I’m guessing the 13 year investment will have paid off.
For sure. He definitely made a pretty penny
It’s appreciated almost as much as a house in my city!
He probably makes more than $180m from Jordan Brand in a year. Just crazy money.
Purchase was for $275M. Sale of $3B means a 990% increase, or 68% per year (approx).
There are a lot of NBA owners whose goal it is to just buy a team, not really care about winning (while saying they do), spend as little as they can get away with, then sell for massive profit. I’ve long suspected that was what MJ was doing.
I feel like Jordan is too competitive to not care about winning.
I think it’s more likely that star players just don’t make for good owners, similar to how they don’t seem to make good coaches.
Looks like the deal is for $3 Billion
Bought the team for $180 million and selling it for $3 billion. Goddamn.
Great investment
No more tears, at least for today
Nice chunk of change for being bad at the job too…
It’s a supply/demand thing.
The league really needs to expand.
He was a pretty awful owner, but I liked him being involved in the league. Hopefully he keeps some minority interest in the team.
Maybe he and Charles can be friends again now
According to Forbes they area the 27th most valuable team and worth up to an estimated 1.7 billion dollars
how the f does Gabe from Melvin Capital have money for this after the whole Gamestop saga?
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I would kind of laugh if after the sale goes through the Hornets start up a playoff run. Just for the fun of it all.
As long as Lamelo hopefully doesn’t get plagued by injuries like Lonzo.
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