Michael Jordan bought his majority stake in the Charlotte-based franchise despite the then-Bobcats being one of the worst teams in the league. Even though the Hornets’ value has drastically skyrocketed since MJ’s arrival, the team has been struggling to win. Since the ownership change in 2010, the franchise has witnessed the firing of 5 coaches. They have also only made 2 postseason appearances. His Airness has been in the news thanks to the rumors of him wanting to sell the team. However, the former Bulls legend didn’t do so and the potential of landing Victor Wembanyama was the main reason why. From $275 million in 2010 to being valued at a whopping $1.7 billion today, the North Carolina-based franchise’s value has increased 6 times for which MJ initially purchased it.
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For a $1.7 billion valuation, Jordan should’ve sold his stake a while ago. However, the potential of the Hornets getting the #1 pick of the 2023 draft and selecting Wemby is what delayed Mike in doing so. ESPN’s Jonathan Givony revealed:
Michael Jordan waited to see if the Hornets landed the #1 pick before making a decision
The French phenom will be a huge asset for any franchise that picks him. Not only will he be beneficial on the hardwood, but several analysts believe that Wemby’s addition will help any franchise exponentially increase its worth. Adrian Wojnarowski predicted that the amount could be as high as $500 million.
MJ waiting to see whether or not his Hornets would land the #1 pick was a huge gamble. And Twitter users couldn’t help but troll the Hall-of-Famer by bringing his gambling issues to light.
One user tweeted: “Michael Jordan Gambled on $1.7 Billion”, an apt take. In all probability, the Black Cat wouldn’t plan on selling his stakes if they somehow acquired the 7-foot-4 prodigy. After all, being hailed as the greatest prospect since LeBron James, the big man is expected to win multiple championships.
MJ can lose as much as $280 million by not getting the #1 pick
According to business analyst Darren Rovell, if they drafted Wemby, the Hornets could witness an increase in their worth by as much as $400 million.
Now, considering that Michael sells his 70% stake, he would leave by adding another $280 million (70% of $400 million) thanks to Victor.
If this was the case, the icon would’ve pocketed $1.49 Billion in ‘hard cash’. However, with the Spurs projected to pick the French youngster, Jordan is projected to get a lesser $1.19 billion.
