Charlotte Hornets haven’t been any good during Michael Jordan’s ownership, so the NBA legend is bringing in some reinforcement. Jordan confirmed over the weekend that he is selling part of the Hornets to New York-based investors Gabe Plotkin and Daniel Sundheim.
According to reports, Jordan will give up a “large piece” of the team but will remain the majority owner. This transaction is still not official, as the NBA needs to approve it. However, the process is expected to run smoothly.
“I’m excited to welcome Gabe and Dan as my partners in Hornets Sports & Entertainment,” – said Jordan in the statement announcing the news. “While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team’s NBA Governor, Gabe and Dan’s investment in the franchise is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA.”
Michael Jordan started his involvement with the franchise in 2006, buying a minor stake when the team was still called Charlotte Bobcats. He decided to buy the team in 2010 from BET co-founder Bob Johnson, parting way with $275 million. Reportedly, Jordan currently owns 97 percent of the Hornets.
During Jordan’s tenure as the majority owner of the team, Hornets only made it to playoffs two times in nine seasons, suffering first-round exits on both occasions.
The Hornets are among the least valuable NBA franchises, but they are still estimated to be worth $1.3 billion. For comparison, the New York Knicks are estimated to be worth $4.0 billion.
