NBA: Michael Jordan sells Charlotte Hornets for $3 billion

    Michael Jordan, in Paris, January 24, 2020.

    Michael Jordan is almost as skilled in the business world as he is on the court. The former star of NBA, the North American professional basketball league, announced on Friday June 16 that he will sell the Charlotte Hornets, the team he has controlled since 2010, to a group of investors. The amounts of the financial transaction are spectacular: Jordan had bought 65% of the capital of the franchise for 180 million dollars thirteen years ago. Now owner of 97% of the Hornets, “MJ” should sell his stake for 3 billion dollars (2.75 billion euros), according to ESPN.

    This sale should allow the former legendary number 23 to almost double his personal fortune, according to the Charlotte Observer, who estimated it at $2 billion before the announcement.

    A very average season

    The group of investors buying Michael Jordan’s shares includes financier Gabe Plotkin, who had already been a minority shareholder in the franchise since 2019, and Rick Schnall, co-chairman of private equity firm Clayton, Dubilier & Rice.

    The latter holds a minority stake in another NBA franchise, the Atlanta Hawks, which he has agreed to sell in the coming weeks, because the league does not allow, like most major sports championships, the same individual to hold interests in several clubs. American rapper J. Cole, known for his passion for basketball and a brief professional career, is also part of the round.

    Read also: “The Last Dance”, on L’Equipe TV: Michael Jordan, the exposure of a king of basketball

    “MJ” will keep a minority stake in the capital of the North Carolina franchise. The sale price announced on Friday is thus much higher than the estimates attributed to the franchise by the specialized media, which are still less than two billion dollars.

    Sportingly, the Charlotte Hornets, where the French Tony Parket and Boris Diaw have evolved in the past, are coming out of a very average season ending in 14th and penultimate place in the NBA Eastern Conference standings.

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    The World with AFP

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