On Thursday, Michael Jordan agreed to sell his majority stake in the Charlotte Hornets for $3 billion. ESPN’s Adrian Wojnarowski reported.
A group led by Gabe Plotkin and Rick Schnall, including North Carolina rapper J. Cole, acquired Jordan’s stake, making him a minority shareholder in the team. According to Lognarovsky, Jordan will oversee basketball operations through the NBA draft on Thursday and the start of free agency on July 1.
Jordan is arguably the greatest player in the game and cemented that legacy with the Chicago Bulls from 1984-98. He helped the Bulls win six NBA championships, and adorned himself with countless awards along the way. During his post-retirement career, he chose to test the waters with ownership.
Here’s how Jordan’s schedule with the Hornets started and ended.
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Almost 17 years ago today (June 15), Jordan purchased a minority stake in the then Charlotte Bobcats. As part of the deal, he oversaw basketball operations with the title “Managing Director of Basketball Operations”.
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On February 17, 2010, Jordan and his ownership group purchased a majority stake in the Bobcats. He became the league’s only black owner, a title he holds to this day.
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During the abbreviated 2011-12 season, the Bobcats posted the worst winning percentage in NBA history (. 106, 7-59 record).
Jordan went 423-600 as the owner of the Hornets; Fourth worst record during that period. They made the playoffs twice during his 13-year tenure, losing in the first round of both matches.