Michael Jordan's $3 Billion Hornets Sale
Via Sportico
Summary
Michael Jordan agreed in June 2023 to sell his majority ownership stake in the Charlotte Hornets to a group led by investor Gabe Plotkin and former Atlanta Hawks minority owner Rick Schnall at a franchise valuation of approximately $3 billion. The deal ended Jordan's 13-year run as the controlling owner, a tenure he began in 2010 when he purchased a majority stake for roughly $275 million — representing nearly a tenfold return on his original investment.
The new ownership group included Wall Street figures Daniel Sundheim and Ian Loring, as well as local Carolina investors including rapper J. Cole and country music star Eric Church. Jordan retained a minority stake in the franchise. The $3 billion valuation underscored the dramatic appreciation in NBA franchise values over the past decade, even as the Hornets never advanced past the first round of the playoffs during Jordan's stewardship.
