Michael Jordan is expected to receive a billion-dollar salary of…
There are serious negotiations underway for Michael Jordan to sell the bulk of his ownership in the NBA team. Jordan’s intention to profit from his $1.7 billion investment in the Charlotte Hornets was first revealed by ESPN. Jordan’s majority ownership is about to be acquired by a consortium headed by Atlanta Hawks minority owner Rich Schnall and current Hornets minority owner Gabe Plotkin.
According to ESPN, Jordan, the lone African American owner of one of the 30 NBA teams, would continue to hold a minority stake. A few years ago, Jordan sold a portion of the team to Plotkin, who became wealthy as the chief investment officer and founder of Melvin Capital.
The legendary Chicago Bulls star, who is regarded by many as the best player in history, first invested $275 million for a majority ownership in the franchise in 2010, so he will probably triple that amount now.
The Golden State Warriors ($7 billion), New York Knicks ($6.1 billion), and Los Angeles Lakers ($5.9 billion) are the league’s top three teams, with the Hornets placed 27th in terms of value. Under Jordan’s ownership, the Hornets have been a continuously poor team; in 16 seasons, they have only made the playoffs three times, all of which ended in the first round.
It’s been the same way this season. Despite having a record of 22 wins and 49 defeats, the Hornets are one of four teams vying for the first pick in this year’s draft in order to select French player Victor Wembenyama, a future star.
