Michael Jordan could be giving up his position as majority owner of the Charlotte Hornets. According to Adrian Wojnarowski’s report, the NBA legend would be in negotiations with a group of buyers that he would continue to direct the fortunes of a franchise that continues without finding its way to the championship.
Then everything that is known about it the potential sale of Michael Jordan stock and the Hornets’ ownership change.
Is Michael Jordan Selling His Charlotte Hornets Shares? Possible new owners
As reported by Adrian Wojnarowski on Thursday March 16, Jordan would negotiate with a buyout group to relinquish his position as majority owner of the Charlotte Hornets. If the sale goes through, MJ is expected to retain certain minority shares, which would take away the force of the decision about the direction of the franchise.
The group of potential buyers is managed by Gabe Plotkin and Rick Schnalwho already have minority shares in the same Charlotte and Atlanta Hawksrespectively.
The Hornets are one of the more franchises cheap nbavalued at approx 1.7 billion dollarsalthough Jordan’s profit would obviously be less, since this is not a sale of 100% of the team’s shares, but only a part of them.
Michael Jordan and a failed story as the owner of Charlotte
Jordan’s relationship with Charlotte started in 2006with what was then called Bobcats. MJ bought that year a minority part of the franchisesomething that already allowed him to have a decision-making role in the area of basketball.
In 2010, he went further with his purchase 275 million dollarsbecame the owner of the franchise located at North Carolinafor later to sell a small portion of its shares in 2019 the aforementioned Gabe Plotkin; by then, the team had already reclaimed its name from wasps.
The truth is that Jordan’s time in Charlotte was into oblivion from sportsboth in the Bobcats and Hornets scene.
Since 2006, they have only made the playoffs on three occasions and were eliminated in the 1st Round on all of them. In other words, Jordan doesn’t know what it’s like to win a postseason series as an owner yet And with recent developments, you probably won’t find out anytime soon.
The sporting failure of a legend accustomed to titles at all levels is easily explained by the decisions in the management of the franchise. From contracts and unexplained moves in Free Agency yes, especially blunders in the drafteven with excellent placements in the selection order almost every year.
Adam Morrison, with the third pick in 2006. DJ Augustin with the ninth pick in 2008. Michael Kidd-Gilchrist, with the second in 2012; Cody Zeller, with the fourth in 2013; Noah Vonleh and Frank Kaminsky, with ninth in 2014 and 2015. Just a few of the names Charlotte bet on with top 10 picks that clearly ended in failures, not always with Jordan’s direct intervention, but during his tenure.
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