Did you know that he is the only black person who owns a majority share of an NBA team?
But a rumor is floating: Michael Jordan is in talks to sell his stake in the NBA’s Charlotte Hornets. Michael owns 80% of the Hornets right now. Michael bought his first share of the Hornets in 2006 when they were still known as the Bobcats. In 2010, he bought out BET’s founder, Robert L. Johnson, and took over as the majority owner, which brought his share to 80%. In 2014, the team’s name was officially changed to the Hornets.
Even though the Hornets last had an excellent record in 2010, their value has gone through the roof since Jordan bought them. So, if the rumors about the sale are true, Michael’s windfall will make him the undisputed GOAT of GOATS regarding money.
Michael sold off small pieces of his Hornets stock over the years, bringing his share of the team down to 80%. Gabe Plotkin, who runs a hedge fund, has been one of the leading buyers. Gabe’s hedge fund may have been shaky because of the 2021 Gamestop short squeeze; this didn’t hurt his finances since he is now the biggest investor in the rumored buyout of Michael’s Hornets ownership.
But Jordan has yet to be as successful as an owner as a player, even though he won six NBA titles and five MVP awards. During his time in charge, Charlotte has been one of the worst teams in the basketball league. But other than the name change, Jordan’s time as owner of the Hornets could have been more exciting.
Since Jordan became the team’s majority owner, Charlotte has only had three winning seasons and two trips to the playoffs. Even though LaMelo Ball is a promising young player for the team, his season has been cut short because he broke his ankle.
Since the Hornets are one of the worst teams in the NBA this season, Charlotte has a 14% chance of getting the No. 1 overall pick in the NBA Draft Lottery and drafting Wembanyama in June. Charlotte is currently 22-49, the fourth-worst record in the league. This gives them a 12.5% chance of getting the top pick.
If the Hornets can be bought for $2 billion, that would make an 80% stake worth $1.6 billion. Since Michael has spent $250 million on purchasing and running the business over the years he has owned it, it leaves gains of $1.35 billion. After taxes, that’s $1,100,000,000 that was sent straight to his bank account.
For a team that has only made the playoffs three times in his 17 years as owner, and each time lost in the first round, and has only had four winning seasons. He’ll make a little more than a billion dollars even with that. Michael is the GOAT of all GOATS; nothing else will change that.
Now might be a good time to start supporting the Hornets because part of the reason is that the NBA will likely get a new labor deal soon, followed by a new national TV deal that will bring in twice as much money. This will give the league more money and stability.
The Hornets are rebuilding on the court, but they have LaMelo Ball as a cornerstone and a high draft pick in June’s solid draft, which is one of the reasons why this could be a great time to buy Hornets stocks at a low price.