Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday.
Purchased from Bob Johnson for $180m in 2010. I’m guessing the 13 year investment will have paid off.
It’s appreciated almost as much as a house in my city!
Purchase was for $275M. Sale of $3B means a 990% increase, or 68% per year (approx).
There are a lot of NBA owners whose goal it is to just buy a team, not really care about winning (while saying they do), spend as little as they can get away with, then sell for massive profit. I’ve long suspected that was what MJ was doing.
I feel like Jordan is too competitive to not care about winning.
I think it’s more likely that star players just don’t make for good owners, similar to how they don’t seem to make good coaches.
I would kind of laugh if after the sale goes through the Hornets start up a playoff run. Just for the fun of it all.
