On Friday, sources close to the reported that Hall of Fame and six-time NBA champion Michael Jordan is in serious negotiations to sell his majority stake of the Charlotte Hornets. Jordan, considered as the greatest basketball player to ever play the game, is currently the league’s only African American majority owner.
If the reports of a possible pending sale are valid, it is reported that Michael Jordan would still remain a minority stake owner in the franchise. Jordan sold a minority stake in 2020 to founder’s Daniel Sundheim of D1 Capital and Gabe Plotkin of Melvin Capital. Jordan became a minority owner in 2006 and purchased the majority stake in 2010 for $275 million from Robert L. Johnson.
Although a potential deal has been confirmed, Jordan is known as quite the businessman who knows how to make a deal. In 2020, Jordan partnered with NASCAR driver Denny Hamlin in the purchase of a NASCAR Cup Series team named 23XI Racing.
We will keep our ears to the beat on this pending story. By all speculation, if the majority stake is sold, Jordan would stand to make billions, making him over 100% profit from the sale. The Charlotte City Council just approved renovations to the Spectrum Center that would keep the team in the arena until the 2045 season.
