According to Reuters, the six-time NBA champion paid $180 million for the Charlotte Hornets, holding 97 percent of the team's ownership. According to Forbes, they are worth $1.5 billion. This is a 20% increase over the previous year's total.
Jordan acquired the Hornets from George Shinn for $25 million in 1999 and increased his investment another $55 million two years later when he bought out Shinn's partner. The latter purchase made him the majority owner of the team.
The deal was criticized by some members of the Hornets' community as a cash grab since Jordan was not planning to play basketball again after his retirement in 2003. However, others praised his generosity because they believed it was enough money to allow the team to keep its current status of being one of the worst in the NBA.
Besides being one of the best basketball players of all time, Michael Jordan is also known for his business savvy. His purchase price was high but it yielded significant returns since the Hornets were on the verge of bankruptcy when he bought them. In addition, Jordan was able to get more money out of the franchise because they were already losing money when he took over.
They had no chance of becoming a profitable operation even with Jordan at the helm because the league's other top teams were still winning games regularly while the Hornets were never able to reach the playoffs.
99% Jordan controls almost 97 percent of the team, according to Bonnell. Jordan, who Forbes estimates is worth $1.9 billion, purchased the Charlotte franchise—then known as the Bobcats—in 2010 for $275 million.
Charlotte was one of four teams that originally moved to Washington in 1997 when the NBA decided to expand into a 31st team. The others were the Wizards, Hornets and 76ers. The Bobcats are the only one of those teams that has never made the playoffs.
Jordan owns both the Charlotte Hornets and Charlotte Bobcats through 2020. He also owns stock in the New York Knicks and Chicago Bulls organizations.
When he acquired the Bobcats, many people wondered if this was a move by Jordan to further his goal of winning an eighth championship with the Miami Heat. But after just one season, it's clear this is a serious investment on his part. The team has already exceeded expectations, making the playoffs for the first time in history. And according to Bonnell, Jordan has shown no intention of selling the team or moving it elsewhere.
He's proven once again that he knows what he's doing when it comes to sports investments, which is why so many people expect him to become even more involved with the Charlotte Hornets program over the next few years.
Jordan is the only NBA player to own a majority stake in an NBA franchise. He owns 97 percent of the Hornets franchise, which is currently worth more than $1.5 billion. According to Forbes, the franchise's value has climbed by 757 percent since Jordan took charge. In 2012, Jordan made $42 million after taxes from his basketball career and business interests.
When he retired in 2003 after 20 seasons with the Chicago Bulls, Jordan had already become one of the best players in NBA history. At the time of his retirement, he was ranked first on the NBA's all-time scoring list. With 3,924 points, he is only behind Kareem Abdul-Jabbar for most points scored by a player in the history of the league.
After retiring from playing basketball, Jordan became involved in sports management. Today, he is one of the biggest names in corporate America, with several companies naming products after him. His endorsements include Nike, Gatorade, Yoplait, McDonald's, UPS, EA Sports, Sirius XM, Overstock.com, and Subway.
Since his retirement, Jordan has appeared in several commercials for Sprint. In 2014, he signed a contract with the company to be its global ambassador. He has also been reported to be interested in buying a football team and turning it into a successful football franchise.
In 2006, he became a part-owner and the head of basketball operations for the Charlotte Bobcats (now known as the Hornets), and in 2010, he purchased a controlling interest. Jordan became the NBA's first billionaire player in 2014.. Michael Jordan.
|Jordan in 2014|