In August 2023, Michael Jordan sold his stake in the Charlotte Hornets for a staggering $3 billion. While the announcement came out of the blue, the six-time NBA champion put in work behind the scenes to ensure the team went into the right hands. He even convinced North Carolina native Eric Church to join the new ownership group with a stellar pitch.
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Church, a nine-time Grammy-nominated singer, and a Tar Heel like Jordan revealed on the ‘How Leaders Lead’ radio show that Jordan reached out to him and said he wanted a North Carolina native to be part of the new ownership group. The singer-songwriter said,
“When MJ started trying to get out, he called me and he was like,’ Hey you know a lot of this ownership group is not North Carolina based. They’re not local and I want to make sure we have a feel there.'”
Buying a sports franchise, let alone his home team, wasn’t something Chruch envisioned. However, he confessed that he found it impossible to turn down Jordan’s request. After crunching the numbers, the nine-time Grammy-nominated artist signed off on a deal to join a group led by Rick Schnall and Gabe Plotkin that bought the Hornets.
However, the whole ordeal still leaves some questions unanswered. Why did Jordan leave a franchise with a young and promising core? He gave a brief answer to that question after finalizing the sale.
Jordan explains his decision to sell the Hornets
Following the sale, Jordan wrote an open letter to Hornets fans. He claimed he was selling the team because he wanted to focus on his family and let someone else lead the franchise. A line in the letter read,
“Although my love for the game of basketball and the NBA remains strong, now is the right time for me to hand over the reins and focus on my family, my personal interests, and some new challenges.”
In the 13 years that Jordan ran the Hornets as the majority owner, the team made it to the playoffs only thrice, losing in the first round each time. They were swept in their first two appearances and almost registered their first series win under the six-time NBA champion’s reign in 2016 against the Miami Heat. But they blew a 3-2 series lead and haven’t made it to playoffs since.
Jordan’s stint as the majority owner was the exact opposite of his playing career. A serial winner as a player, the six-time Finals MVP saw nothing but defeat as an owner. Under his reign, the Hornets had more lottery picks (4) than playoff appearances (3). It’s in the franchise’s best interest that someone else has taken over operations.
