Michael Jordan is almost close to finalizing a deal that will make him $3 billion richer. His Airness is parting ways with his majority stake in the Charlotte Hornets. It is a huge deal that sees MJ make a profit on the $275 million he initially spent to buy the team in 2010. However, in an article from Sports Illustrated in 2006, it was revealed that Jordan was close to buying another franchise worth $168,000,000 seven years earlier.
Advertisement
In 2003, the six-time NBA Champion was dismissed from his role as President of the Washington Wizards. Having first joined the team as a player in 2001, Jordan transitioned into the front office. His reign at the helm was a disaster. Even more disastrous than his time in DC as a player. So, upon being fired, he entered the market looking to buy his own NBA franchise.
Michael Jordan nearly bought the then $168,000,000 worth Milwaukee Bucks in 2003
Prior to buying the Charlotte Hornets in 2010, Michael Jordan had another opportunity at ownership. In 2003, after being fired from his role in the Washington Wizards front office, MJ was presented with an intriguing offer. He had the chance to invest in the Milwaukee Bucks.
At the time, the Bucks were valued at $168,000,000 and were looking for new investors. At the time, Jordan was mildly interested but did not want to invest large sums of money. Instead, he was interested in joining an investment group, one he could hopefully lead as the face. Unfortunately, things didn’t go as planned.
“After suffering the humiliation of being dismissed by Wizards owner Abe Pollin after a three-year run as a player and a team president in 2003, Jordan wanted his next involvement in the NBA to be as something more than an employee. But Jordan, who came close to buying into the Milwaukee Bucks in 2003, didn’t want to invest huge sums of his own money, preferring to serve as front man for an investment group. That’s exactly what he’s doing with the Bobcats, who agreed to cede him a lot of influence for a relatively small sum of money.”
Fast forward 19 years, and the Bucks are now valued by Forbes at a whopping $2.3 billion. A huge jump from the measly $168 million valuation in 2003.
On the other hand, MJ would go on to buy a majority stake in the Charlotte Hornets for the low price of $275 million. And now, 13 years later, he is all set to make a $2.75 billion profit on them.
Jordan is all set to sell the Charlotte Hornets for $3 billion
After 13 years as the majority shareholder of the Charlotte Hornets, Michael Jordan is almost done finalizing its sale. Having bought the team in 2010 for $275 million, MJ will sell his majority stake to minority shareholders Gabe Plotkin and Nick Schall. The move marks the end of an era for both the Hornets and Jordan.
Many may wonder what Jordan’s tenure would have been like if it was perhaps with the Bucks instead of the Hornets. But, there can be no denying his influence has helped the Hornets franchise immensely.
