Why is Michael Jordan Selling the Hornets? LeBron James’ Las Vegas Move Could Have Triggered $1.7 Billion Sale
Michael Jordan excels at excelling. His focus and ‘will’ make him a fearsome achiever regardless of the playground. As an NBA player, he dominated the game of basketball and cemented his name among the greatest of all time. Now that he leans more towards business enterprises, Jordan is again finding incredible success. In fact, MJ is the richest athlete in the world.
His $2 billion net worth is unparalleled. Jordan’s wide variety of investments and brand endorsements have become globally popular. Now, with reports about the Charlotte Hornets possibly changing ownership, Jordan is set to become significantly richer. The 6-time NBA champion is inching closer to selling the majority ownership of the franchise to Gabe Plotkin and Rick Schnall. However, the question is, why would Michael Jordan consider selling an increasingly popular NBA team?
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
Michael Jordan is a shrewd businessman
In all fairness, MJ has already established that he is an exceptional businessman. He knows how to maximize his profits and ensure the success of any venture. The Charlotte Hornets was, by all means, a business investment for Michael. He bought it for just $275 million back in 2010. In just 13 years, the franchise’s value has increased to $1.7 billion. That’s almost 6 times the value for which Jordan purchased it.
His decision clearly follows the same rules of flipping a property. Jordan bought an asset he thought could become valuable, turned it into a $1.7 billion organization, and is now ready to cash in a big, fat check. As per ESPN’s report, Jordan will sell the majority ownership to Plotkin. Although, Michael would still remain a minority owner of the team.
Effectively, Jordan is not only potentially making hundreds of millions, maybe even a billion, on this deal, but will also retain a chunk of the team in case the value of the franchise rises further. In turn, the Bulls legend is now free to invest in other possibly profitable assets. Perhaps Michael has been stirred by LeBron James’ comments about a Las Vegas franchise.
MJ may be interested in LeBron James’ idea for a Las Vegas franchise
In October last year, right before the start of the current season, LeBron James urged Adam Silver to consider bringing a franchise to Las Vegas. LeBron also revealed his desire to be the owner of that franchise. James, who is also gifted with a great instinct for financial decision-making, knows the value of a franchise in Vegas.
Sin City is perceived the world over as a city of entertainment. Putting a franchise in Vegas would clearly be profitable and that is why LeBron is keen on owning the franchise if there is one in the future. With Michael Jordan becoming a minority owner of the Charlotte Hornets, he would have enough funds to possibly give James a run for his money in Vegas. If MJ feels that the Vegas franchise could be his new golden Goose, he is going to find a way to own it.
However, this is merely speculation at this time. There is still no report suggesting MJ’s business plans for the future. Though there is still a possibility this may come to be true if the NBA agrees to bring a team to Las Vegas. The world may not have seen a duel between LeBron and Michael Jordan but a bidding war may just be on the horizon.