It's A Done Deal! Michael Jordan Is Selling The Hornets

Lately, rumors were spreading that Michael Jordan, who has owned the Charlotte Hornets of the NBA since 2006 had intentions of selling his majority stake in the team. These rumors actually turned into reality when the deal was officially announced by the superstar

The Hornets is an NBA franchise that have existed since 1988. The Charlotte Hornets was later moved to New Orleans in 2002. Subsequently, the NBA introduced the Bobcats as a new franchise in Charlotte. 

Robert L. Johnson the founder of BET and the nation's first black majority owner of a significant professional sports organization, received the franchise. In 2014, the Charlotte Bobcats became the Hornets, and the New Orleans Hornets switched their name to the Pelicans.

Michael Jordan acquired an insignificant ownership stake in the team. He entirely purchased Robert for the sum of $175 in 2010. Between two transactions, Michael Jordan acquired a majority ownership of the Bobcats.

Michael Jordan's net worth was approximately $500 million at the start of his second deal in 2010. His partnership with Nike brand was bringing in about $70 million in royalties annually.

Michael sold off various portions of the Bobcats over the following ten years; the Bobcats later changed their name to the Hornets in 2014. Gabe Plotkin the manager of Hedge Fund has been one of the biggest purchasers of Michael Jordan's shares.

How Does the Selling of the Hornets Influence Micheal Jordan's Net Worth?

Michael's projected net worth was $2.2 billion before the sale. That sum was predicated on the Hornets being valued at $1.5 billion (Plotkin's 2019 purchase price). Around $1 billion of Michael's profits came from an 80% interest valued at $1.5 billion.

Michael Jordan's fortune will rise from $2.2 billion to about $2.6 billion and more when this agreement is fully executed, sealed, and delivered. This will skyrocket him to an eviable position as he is about to become a financial GOAT of GOATS.