Michael Jordan reportedly in talks to sell majority share of Hornets: Timeline of ownership, team value

Michael Jordan is reportedly in talks to sell his majority share in the Charlotte Hornets, according to ESPN’s Adrian Wojnarowski.

Per Wojnarowski’s report; Jordan is engaged in serious discussions to sell his share to an ownership group led by current minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.

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While details of any potential deal have not yet been revealed, Jordan is expected to maintain a minority stake in the franchise, making Plotkin and Schnall co-governors.

ESPN Sources: Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. pic.twitter.com/jg03W25s49

— Adrian Wojnarowski (@wojespn) March 16, 2023

How much are the Charlotte Hornets worth?

According to Forbes, the Hornets are currently valued at $1.7 billion.

Only the Minnesota Timberwolves, Memphis Grizzlies and New Orleans Pelicans are valued lower, while the Golden State Warriors lead the league, valued at $7 billion.

The most recent sale of an NBA franchise was in December 2022 when Matt Ishiba purchased a controlling stake in the Phoenix Suns and Mercury for around $4 billion.

Timeline of Michael Jordan’s ownership

2006: Jordan purchases minority share in Bobcats

Jordan purchased a minority stake in the franchise in 2006, who were then known as the Charlotte Bobcats.

Jordan’s purchase made him the second-largest shareholder behind majority owner Robert L. Johnson, the founder of BET (Black Entertainment Television).

As part of the deal, Jordan held the title of Managing Member of Basketball Operations.

“I’m thrilled to have my friend, Michael Jordan, join me in my business and sports pursuits,” Johnson said at the time.

“I not only respect Michael for his basketball knowledge and expertise, but also for his business skills, particularly in branding and marketing. Michael will provide invaluable management input to a Bobcats team that is poised to deliver results for the 2006-2007 season and beyond.”

2010: Jordan purchases majority share

Just four years after his initial investment, Jordan completed a deal to become the majority owner of the franchise.

His purchase of the Bobcats in 2010 was to the tune of $275 million, becoming the first former player in history to own an NBA team. At the time, he was the league’s only African-American team owner. 

“Purchasing the Bobcats is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise,” Jordan said. “I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina.”

Following the relocation of the Hornets to New Orleans, the Bobcats entered the league as an expansion team in 2004.

After the Hornets changed their name to the New Orleans Pelicans, the Hornets moniker was free to use.

2019: Jordan sells minority share

Jordan sold a small stake in the franchise in 2019 to founder and chief investment officer of Melvin Capital, Gabe Plotkin and DI Capital founder Daniel Sundheim.

Plotkin is leading the ownership group looking to take over majority control of the franchise in 2023. 

Hornets record during Jordan’s tenure

In the 13 years under Jordan’s ownership, the Hornets/Bobcats have struggled for on court success and have had one of the lowest crowd attendances in the league, currently 23rd in the NBA this season per ESPN.

Since Jordan’s initial investment in the franchise in 2006, the Hornets have posted a winning record just four times in 17 seasons.

They have advanced to the playoffs on just three occasions, losing in the first round each time.