Michael Jordan's $3 Billion Hornets Sale
Via Sportico
The Story
Michael Jordan agreed to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall at a franchise valuation of about 3 billion dollars.
The deal ended his 13 year run as controlling owner, which began in 2010 when he bought the interest for 275 million dollars.
Jordan will keep a minority stake, and the transaction still required approval from the NBA Board of Governors.
The new ownership group included investors Daniel Sundheim and Dyal HomeCourt Partners, along with rapper J. Cole and country artist Eric Church.
The sale also encompassed the Spectrum Center arena, the G League Greensboro Swarm, and the NBA 2K League Hornets Venom GT team.
The roughly 3 billion dollar price, up from a 1.77 billion dollar Sportico valuation in 2022, underscored the steep rise in NBA franchise values over the past decade.
The deal ended his 13 year run as controlling owner, which began in 2010 when he bought the interest for 275 million dollars.
Jordan will keep a minority stake, and the transaction still required approval from the NBA Board of Governors.
The new ownership group included investors Daniel Sundheim and Dyal HomeCourt Partners, along with rapper J. Cole and country artist Eric Church.
The sale also encompassed the Spectrum Center arena, the G League Greensboro Swarm, and the NBA 2K League Hornets Venom GT team.
The roughly 3 billion dollar price, up from a 1.77 billion dollar Sportico valuation in 2022, underscored the steep rise in NBA franchise values over the past decade.
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