Six-time NBA champion and Hall of Famer Michael Jordan has completed the sale of his majority stake in the Charlotte Hornets. Hornets announced the news in a press conference where Jordan transferred his stake to Gabe Plotkin, founder and Chief Investment Officer of Melvin Capita, and Rick Schnall, co-president of private equity firm Clayton, Dubilier & Rice.
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Michael Jordan purchased his stake in the Charlotte Hornets for a sum of about $275 million back in 2010. This decision was financed by the growth of the Jordan shoe-wear and apparel brand as the North Carolina alumni left Nike to create his own stand-alone venture.
Since then, the Hornets name has emerged as a global brand which saw its value skyrocket to an approximately $3 billion valuation, according to league sources. With this sale, Jordan’s net worth saw a drastic rise as it increased from $2 billion to $5 billion overnight.
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Talking about this sale, Michael Jordan expressed how proud he was of his time with the Hornets. Jordan thanked all the Charlotte fans and expressed that the team is in good hands with Gabe Plotkin and Rick Schnall. He said, “Through the years, the unwavering commitment, passion and loyalty of our Hornets fans has been incredible.”
As I transition into a minority ownership role, I’m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick. I know the Hornets organisation is in great hands moving forward. I’m excited about the future of the team and will continue to support the organisation and the community in my new role in the years ahead,” Jordan added.
