this post was submitted on 16 Jun 2023
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Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday.

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[–] good 21 points 1 year ago (4 children)

Purchased from Bob Johnson for $180m in 2010. I'm guessing the 13 year investment will have paid off.

[–] [email protected] 5 points 1 year ago

For sure. He definitely made a pretty penny

[–] thesalamander 4 points 1 year ago

He probably makes more than $180m from Jordan Brand in a year. Just crazy money.

[–] [email protected] 4 points 1 year ago

It's appreciated almost as much as a house in my city!

[–] silverbax 3 points 1 year ago (1 children)

Purchase was for $275M. Sale of $3B means a 990% increase, or 68% per year (approx).

There are a lot of NBA owners whose goal it is to just buy a team, not really care about winning (while saying they do), spend as little as they can get away with, then sell for massive profit. I've long suspected that was what MJ was doing.

[–] jjoelson 4 points 1 year ago

I feel like Jordan is too competitive to not care about winning.

I think it’s more likely that star players just don’t make for good owners, similar to how they don’t seem to make good coaches.

[–] [email protected] 15 points 1 year ago (1 children)
[–] ConditionOverload 6 points 1 year ago (3 children)

Bought the team for $180 million and selling it for $3 billion. Goddamn.

[–] [email protected] 1 points 1 year ago

Great investment

[–] [email protected] 1 points 1 year ago* (last edited 1 year ago)

No more tears, at least for today

[–] bill_1992 1 points 1 year ago (1 children)

Nice chunk of change for being bad at the job too...

[–] ShakeThatYam 9 points 1 year ago

He was a pretty awful owner, but I liked him being involved in the league. Hopefully he keeps some minority interest in the team.

[–] [email protected] 9 points 1 year ago

Maybe he and Charles can be friends again now

[–] notsorryforpartying 6 points 1 year ago

According to Forbes they area the 27th most valuable team and worth up to an estimated 1.7 billion dollars

[–] Boondock 4 points 1 year ago (1 children)

how the f does Gabe from Melvin Capital have money for this after the whole Gamestop saga?

[–] [email protected] 4 points 1 year ago (1 children)

I would kind of laugh if after the sale goes through the Hornets start up a playoff run. Just for the fun of it all.

[–] bill_1992 1 points 1 year ago

As long as Lamelo hopefully doesn't get plagued by injuries like Lonzo.