According to a few reports on Friday, Michael Jordan is potentially negotiating a deal to sell the Charlotte Hornets. Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, sources told ESPN’s, Adrian Wojnarowski.
Jordan paid $180 million for the team in 2010, the franchise is now worth $1.77 billion.
Wojnarowski goes on to write, “No deal is imminent, but there’s significant momentum on a sale that would eventually install Plotkin and Schnall as the co-governors of the Hornets, sources said. If the sale is completed, Jordan would be expected to keep a minority stake in the team.”
Jordan is the first former NBA player to become the majority owner of a team. Selling a majority share of the Hornets would mark the end of Jordan’s 13-year run as owner, after first buying a 10% share of the team in 2006, he increased his ownership stake in 2010 and became the majority owner, with a 97% ownership stake. The purchase price for the team at that time was reported to be approximately $175 million. Not a bad return on investment, even if NBA franchises as a whole are considered more valuable.
Despite the COVID-19 pandemic having an impact on the value of NBA franchises, the overall value of NBA franchises has continued to rise in recent years due to factors such as lucrative media deals and a strong global fan base. As of 2021, according to Forbes, the average value of an NBA franchise is approximately $2.2 billion. The Bally Sports bankruptcy may have an effect on the sale as the Hornets are one of the teams carried on their networks.
Here are the top 5 NBA franchises by value:
- New York Knicks – $5.42 billion
- Golden State Warriors – $5.21 billion
- Los Angeles Lakers – $5.14 billion
- Brooklyn Nets – $3.4 billion
- Boston Celtics – $3.32 billion
Jordan has been actively involved in the team’s operations and has made several key decisions, including changing the team’s name from the Bobcats back to the Hornets in 2014. He is often held responsible for the lack of the Hornets getting into the postseason and perhaps a new voice and fresh perspective as a majority owner would be best for the franchise.
Next: Aaron Rodgers Confirms He Wants to Play for the New York Jets
