After 13 years, Michael Jordan’s tenure as the majority owner of the Charlotte Hornets is coming to an end.
He has agreed to sell his stake to a group led by Gabe Plotkin, founder and chief investment officer of Melvin Capital, and Rick Schnall, co-chairman of the private equity firm Clayton, Doubleier & Rice.
Plotkin and Schnal are also minority owners of the Atlanta Hawks and Hornets, respectively.
Once the sale goes through, Jordan will get even richer.
Michael Jordan’s career earnings now include:
NBA salary: $93.8 million
Nike earnings: about $2 billion
Hornets sale: about $2 billion pic.twitter.com/AF3WaaDKIQ– Sports Front Office (FOS) June 16, 2023
Jordan is still considered by many to be the greatest player in NBA history, and it’s no wonder that he owns 10 scoring titles, five regular season MVPs, six world championships, and six Finals championships.
However, his time with the Hornets was a different story.
They have never really been competitive during his time in charge, and have only made the playoffs twice in the past thirteen seasons while also failing to make a first round exit.
Years ago, Jordan was an executive for the Washington Wizards, but they also failed to compete during his tenure with them.
For now, the Hornets have a glimmer of hope thanks to the presence of LaMelo Ball, who has averaged 23.3 points, 6.4 rebounds and 8.4 assists a game this season.
They have some other useful players with bad or questionable contracts, including winger Gordon Hayward, and getting their financial record in order could be their first step toward earning respect across the league, not to mention their first playoff appearance since 2016.
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