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Michael Jordan, the iconic U.S. basketball legend and Black billionaire, has finalized the sale of his majority stake in the Charlotte Hornets, solidifying his position as one of America’s wealthiest Black individuals.
The deal, valued at an impressive $3 billion, marks the end of Jordan’s decade-long tenure as the franchise’s chief decision-maker.
In 2010, Jordan acquired a controlling interest in the then-named Charlotte Bobcats, paying about $180 million to gain 65 percent of the expansion franchise’s equity from Bob Johnson.
Over the years, Jordan led the team through numerous milestones, including the team’s rebranding to the Hornets, hosting the 2019 NBA All-Star Game, and establishing Hornets Sports and Entertainment as a vital part of the community.
With the recent sale, Jordan steps down from his role as the primary decision-maker, transferring ownership to U.S. businessmen Gabe Plotkin and Rick Schnall. However, the NBA Hall of Famer will retain a minority stake in the franchise and serve as the alternate governor.
Reflecting on his time with the organization, Jordan expressed pride in the accomplishments achieved during his ownership. He highlighted the support and loyalty of the Hornets’ fans, acknowledging their vital role in the team’s journey.
The basketball icon also expressed confidence in the future of the team under the leadership of Plotkin and Schnall, who are recognized for their success, innovation, and strategic acumen.
This is not the first time Jordan has reduced his stake in the Hornets. In 2020, he sold a minority stake to Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital.
The completion of this latest deal further contributes to Michael Jordan’s impressive financial gains in recent times, as his Hornets’ stake constitutes a significant portion of his total net worth.
At the start of this year, his net worth stood at $1.7 billion, but it has soared to $2 billion, solidifying his position as one of the world’s Black billionaires.
As Jordan transitions into a minority ownership role, the Hornets franchise looks forward to a new chapter under the guidance of Plotkin and Schnall.
