NBA legend and billionaire Michael Jordan is set for a cash windfall with the 60-year-old reportedly set to sell his majority stake in the Charlotte Hornets.
Six-time NBA champion and five-time MVP Jordan was well known for making game-winning decisions on the court during his 19-year professional career. But he’s been just as good at making decisions off the court, which has helped him become the richest retired athlete in the world.
According to Forbes, Jordan is worth $2billion (£1.6bn) and his net worth has largely been boosted by his majority stake in NBA team, the Charlotte Hornets. He purchased it in 2010 for $175million and controlled 97% of the team before selling a chunk of it to two investors in 2019.
Despite the Charlotte Hornets not winning a championship, they’re valued at around $1.7bn (£1.3bn). And according to ESPN, Jordan is in serious talks to cash in on his majority stake, with a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall keen.
The report states that no deal is imminent, but there's significant momentum on a sale that would eventually install Plotkin and Schnall as the co-governors of the Hornets. Should a sale go through, Jordan is expected to remain with a minority stake in the franchise.
The Hornets are enduring a difficult season in the NBA Eastern Conference. Jordan’s team sits 14th with a disappointing record of 22-49. The Hornets have 11 games left this season and play the Philadelphia 76ers on Friday, where they will be looking to get back to winning ways following three-straight defeats.
Regarded by most as the NBA's greatest all-time player, Jordan won six titles with the Chicago Bulls and earned a cool $90m (£73.9m) for his troubles. But he has earned $1.8bn (£1.4bn) pre-tax from corporate partners such as Nike, Hanes and Gatorade.
Jordan has also ventured into betting companies. MJ joined sports-betting firm DraftKings as a special advisor to the board and an investor in September 2020.
He also became a NASCAR team co-owner in late 2020, which is named 23XI Racing.
