Michael Jordan Selling a Big Part of the Charlotte Hornets
As the Charlotte Hornets' chairman, Michael Jordan will be selling a big part of the team to two investors who are currently based in New York. He will, however, still remain as the chairman despite giving up a huge portion of the team.
Charlotte Observer states that MJ will be bringing in the two founders, Gabe Plotkin of Melvin Capital as well as Daniel Sundheim of DI Capital. The two owners as proposed are yet to receive approval from the NBA. The process has just begun and will be finalized very soon.
As mentioned, Jordan will still remain chairman as he will not be giving up the entire ownership of the franchise. Further plans include talks of prices and buying a big percentage of the ownership for Sundheim and Plotkin. Forbes provided an estimate back in February, valuing the Hornets at a whopping $1.3 billion.
“While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team’s NBA Governor, Gabe and Dan’s investment in the team is invaluable,” says Jordan about the current plans. “Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for basketball. They share my commitment to Charlotte and the Carolinas.”
In other related news, MJ is expected to gross an estimated $130 million worth of earnings this year after the famous Jordan Brand was valued $3.14 billion in revenue for 2019. We now know that this well-loved brand among sneakerheads is sure to stay because of its massive worth. For more updates such as this, download our Grailify app. There, you will always be in the loop by getting the latest news directly on your smartphone.