Michael Jorden decides to sell his majority stake of Hornets for $3 billion

Michael Jorden is universally recognized as one of the greatest basketball player, in many eyes greatest of all time has decided to sell his majority stake of his NBA team Hornets, the franchise announced Friday. Michael Jorden has bought Charlotte Hornets in 2010, after 13 years he decided to part ways from NBA franchise.

still of Michael Jorden as owner of the Hornets

Why Michael Jorden selling his ownership stake?

Michael Jorden has been overseeing the organization for almost 13 years, however team is been unsuccessful in the NBA could be the main reason behind parting ways from the NBA franchise.

Charlotte Hornets valuation

As per ESPN, the sale of NBA franchise is around $3 billion. Michael Jorden has bought Hornets for $275 million, its valuation has increased 10 times in last 13 years. Jorden is retain the minority share in the club.

Michael Jorden’s Net Worth

As per Forbes, Michael Jordan’s total assets is $2 billion. The figure does exclude the most recent valuation of the Charlotte Hornets deal yet to be finalized.

Throughout the span of his career, Jordan acquired around $94 million in NBA contracts. Forbes gauges that Jordan’s earnings from partnership with Nike, Hanes and Gatorade have acquired him around $1.8 billion.

Who is the next owner of Charlotte Hornets

NBA legend finalised deal to sell his majority stake in Charlotte Hornets to a group led by Gabe Plokin and Rick Schanall the franchise announced on Friday.

Gabe Plotkin, who also has minority share of Charlotte Hornets which he bought back in 2019 and He is the founder and chief investment officer of Tallwoods Capital LLC.

Rick Schanall, owns minority stake in Atlanta Hawks since 2015 and alternate governor on the NBA Board of Governors. He is in talks to sale his share from Atlanta hawks.

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