2023-07-24 09:15:00
We already knew it, it’s now official: Michael Jordan’s Charlotte Hornets have been sold to a new group of investors. The sale was approved in a vote by the NBA Board of Governors over the weekend, almost unanimously (29 out of 30 votes).
We can now say that Michael Jordan is no longer the majority owner of the Charlotte Hornets.
As indicated by ESPNthe North Carolina franchise is now in the hands of a group led by Rick Schnall (co-chairman of Clayton, Dubilier & Rice, a private equity firm, and minority owner of the Atlanta Hawks) and Gabe Plotkin (founder of Melvin Capital Management, an investment management firm, and minority owner of the Hornets).
The amount of the sale? Around $3 billion.
ESPN story on the NBA Board of Governors approving the Charlotte Hornets’ sale to new owners Rick Schnall and Gabe Plotkin:
— Adrian Wojnarowski (@wojespn) July 23, 2023
While Michael Jordan will keep shares in the franchise, this sale ends a 13-year period when MJ was the only former NBA player to be a majority franchise owner, as well as the only African American. It is therefore a real turning point, although the Charlotte franchise has not accomplished much in the Jordan era, quite the contrary (only two appearances in the Playoffs, no series won).
But despite the Bobcats/Hornets’ mediocre results since 2010, the franchise has seen its value rise along with that of other NBA franchises, riding on the big rise in league revenue over the past decade. Jojo has just made a profit of $ 2.7 billion, he who had bought the Hornets for only 275 million greenbacks in 2010.
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Source texte : ESPN
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