After 13 years, Michael Jordan’s tenure as the majority owner of the Charlotte Hornets is coming to an end.
He has agreed to sell his stake to a group led by Gabe Plotkin, the founder and chief investment officer of Melvin Capital, and Rick Schnall, the co-president at the private equity firm Clayton, Dubilier & Rice.
Plotkin and Schnall are also minority owners of the Atlanta Hawks and Hornets, respectively.
Once the sale goes through, Jordan will become a lot wealthier.
Michael Jordan’s career earnings now include:
NBA salary: $93.8 million
Nike earnings: About $2 billion
Hornets sale: About $2 billion pic.twitter.com/AF3WaaDKIQ— Front Office Sports (@FOS) June 16, 2023
Jordan is still considered by many to be the greatest player in NBA history, and it’s no wonder why, as he owns 10 scoring titles, five regular-season MVPs, six world championships, and six Finals MVPs.
However, his time with the Hornets has been a different story.
They have never really been competitive during his time in charge, and they have made the playoffs only twice in the last 13 seasons while also failing to get out of the first round.
Years ago, Jordan was an executive with the Washington Wizards, but they also failed to be competitive during his tenure with them.
Right now, the Hornets have a glimmer of hope thanks to the presence of LaMelo Ball, who averaged 23.3 points, 6.4 rebounds, and 8.4 assists a game this season.
They do have some other useful players who are on bad or questionable contracts, including wing Gordon Hayward, and getting their financial book in order may be their first step toward earning respectability around the league, not to mention their first playoff berth since 2016.
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