Michael Jordan Sells Majority Stake in Charlotte Hornets
Basketball legend Michael Jordan has agreed to sell his majority stake in the NBA’s Charlotte Hornets to an investment consortium. The buyer group is led by Gabe Plotkin, chief investment officer at Tallwoods Capital LLC and Rick Schnall, co-president of private equity firm Clayton, Dubilier & Rice. The group also includes musicians J. Cole and Eric Church, said a press release from Hornets Sports & Entertainment that did not disclose financial terms. Jordan will retain a minority stake in the franchise, the team said. The transaction is subject to approval of the National Basketball Association.
Jordan acquired a controlling investment in the Hornets in 2010 for $275 million. The franchise has been the league’s sole team with Black-majority ownership. The value of Jordan’s stake came to about $3 billion, according to a report on ESPN.com that cited league sources.
Jordan’s Legacy as a Basketball Player
Often considered the greatest ever basketball player, Jordan led teams to six NBA titles, won the league’s most valuable player award five times and garnered two Olympic Gold Medals. He played his last game professionally in 2003. However, Jordan’s tenure as the only Black owner of an NBA team has been less successful. During his 13-year reign, Charlotte reached the playoffs just three times, losing in the first round on all three occasions.
Jordan’s Partnership with Nike
The origin of Jordan’s lucrative partnership with Nike was chronicled earlier this year in the film “Air,” which was directed by Ben Affleck. The partnership began when Jordan was still a rookie in the NBA. Nike offered him a five-year deal worth $500,000 per year, which was unheard of at the time. Jordan initially wanted to sign with Adidas, but his mother convinced him to hear Nike out. The rest is history.
The Future of the Charlotte Hornets
It remains to be seen what the future holds for the Charlotte Hornets under new ownership. The team has struggled in recent years, finishing one place off the bottom of the Eastern Conference last season with 27 wins and 55 defeats. However, the investment consortium led by Plotkin and Schnall could bring a fresh perspective and new ideas to the franchise.
The Involvement of J. Cole and Eric Church
The involvement of musicians J. Cole and Eric Church in the investment consortium is also noteworthy. J. Cole is a Grammy-nominated rapper who was born in Germany but raised in North Carolina, where the Hornets are based. He has been a vocal supporter of the team in the past, even wearing a Hornets jersey in his music video for “ATM.” Eric Church is a country music singer-songwriter from North Carolina who has won numerous awards, including four Country Music Association Awards and seven Academy of Country Music Awards.
Conclusion
Michael Jordan’s decision to sell his majority stake in the Charlotte Hornets marks the end of an era for the NBA team. Jordan will retain a minority stake in the franchise, but it remains to be seen what role he will play going forward. The investment consortium led by Gabe Plotkin and Rick Schnall, which includes J. Cole and Eric Church, could bring new ideas and a fresh perspective to the franchise. Only time will tell if this change in ownership will lead to success on the court for the Charlotte Hornets.