04 August 2023 , 18:12
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The sale of Michael Jordan's majority stake in the Charlotte Hornets has been finalised, marking a significant financial gain for the basketball legend.
Jordan, widely regarded as one of the greatest basketball players of all time, purchased the Hornets for £216million ($275m) in 2010. Despite his ownership, the team has had limited success, making the playoffs only twice during his 13-year tenure.
As a result, Jordan has decided to sell his majority stake while retaining a minority ownership position. The sale, valued at approximately £2.36billion ($3bn), has been approved by the Hornets organisation.
Reflecting on his time as the majority owner, Jordan expressed gratitude for the opportunity to lead the Hornets in his home state. He said: "The opportunity to be the majority owner of the Charlotte Hornets in my home state of North Carolina for the last 13 years has been a tremendous honor.
“I’m proud of all that the organization accomplished: the exciting on-court moments, the return of the Hornets name, Charlotte hosting the 2019 NBA All-Star Game and HSE becoming a true pillar of this community.
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"Through the years, the unwavering commitment, passion and loyalty of our Hornets fans has been incredible. As I transition into a minority ownership role, I’m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick.
"I know the Hornets organization is in great hands moving forward. I’m excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead.”
The sale of the Hornets represents a substantial financial gain for Jordan, as he is set to make a profit of £2.14billion ($2.72bn) from the transaction. However, it does not mark the end of Jordan's involvement in sports ownership.
The NBA legend made a significant financial gain in the sale (AFP via Getty Images)In addition to his basketball ventures, he has also moved into motorsport ownership with 23XI Racing, a team competing in the NASCAR Cup Series.
New owners Gabe Plotkin and Rabe Schnall, meanwhile, have outlined their plans for the future of the Hornets franchise. They said: "We will look to build a highly competitive basketball team, develop innovative business practices, give back to our community and connect with our fans.
"We plan to further invest in the team, the facilities and the fan experience, with the goal of delivering a winner to our fans throughout the Carolinas. We are confident that our successful business backgrounds and our previous experience as NBA minority owners will be beneficial as we shape the future of the franchise as a best-in-class organization.”
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