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{"id":47859,"date":"2023-03-17T01:04:55","date_gmt":"2023-03-17T01:04:55","guid":{"rendered":"https:\/\/thenewsintel.com\/michael-jordan-in-serious-talks-to-sell-hornets\/"},"modified":"2023-03-17T01:05:03","modified_gmt":"2023-03-17T01:05:03","slug":"michael-jordan-in-serious-talks-to-sell-hornets","status":"publish","type":"post","link":"https:\/\/thenewsintel.com\/michael-jordan-in-serious-talks-to-sell-hornets\/","title":{"rendered":"Michael Jordan in ‘serious talks’ to sell Hornets"},"content":{"rendered":"


\n<\/p>\n

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Michael Jordan didn’t have a lot of on-court success owning the Charlotte Hornets<\/a>. Financially, it could be a huge win. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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Jordan purchased 65 percent<\/a> of the Hornets from Robert Johnson in 2010 at a valuation of $280 million, after becoming a minority investor and team president in 2006. Jordan assumed $150 million of the franchise’s debt, meaning he paid $30 million in cash at the time.<\/p>\n

In 2019, Jordan sold off<\/a> a percentage of the team to Gabe Plotkin and Daniel Sundheim, which valued the Hornets at $1.5 billion. That’s a fivefold increase in the team’s price over nine years.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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Now, Jordan is in discussions to sell<\/a> a controlling, majority interest in the team to a group that includes Plotkin, Sundheim and a member of the Atlanta Hawks’ ownership group, Rick Schnall. All three men work in private equity, but Plotkin closed his firm<\/a>, Melvin Capital, last year, after huge losses from heavily shorting stock including GameStop and AMC Entertainment.<\/p>\n

Plotkin is a former prot\u00e9g\u00e9 of New York Mets owner Steve Cohen, who helped bail out Melvin Capital in 2021.<\/p>\n

Jordan’s sale would pay off handsomely for him, with the franchise’s value likely rising well beyond the $1.5 billion from just three years ago. That’s thanks to the imminent new TV deal<\/a>, for which the league is seeking $70 billion to $75 billion. The Phoenix Suns sold<\/a> for $4 billion earlier this year, while the Utah Jazz sold for<\/a>\u00a0$1.6 billion in 2020 and the Timberwolves’s $1.5 billion sale will close later this year.<\/p>\n

It will also leave the league without a single African-American owner in a league that’s predominantly Black, but Jordan reportedly plans to remain a minority owner in Charlotte. After all, when he got a chance to quintuple his investment, Jordan decided to just do it.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n