Michael Jordan has confirmed in a rare statement that he has held talks over selling more of his stake in the Charlotte Hornets.
Six-time NBA champion and five-time MVP Jordan, 60, purchased the Hornets in 2010 for $175million and controlled 97 per cent of the team before selling a chunk of it to two investors in 2019. The two investors he sold it to were the founder of Melvin Capital, Gabe Plotkin, and Daniel Sundheim of DI Capital.
Since Jordan bought in at the Hornets, the franchise's worth has dramatically increased to around $1.7bn (£1.3bn). Reports surfaced last week that the ex- Chicago Bulls shooting guard was in talks to sell another chunk of his stake to Plotkin and Co, but that he would remain as a minority owner of the Hornets.
Jordan has now confirmed in a statement that talks over a sale have taken place, but says a deal is not imminent. A statement shared with the Associated Press from Jump Management, Michael Jordan’s family office, reads: “Four years ago, Michael Jordan sold a stake in the Charlotte Hornets to a Gabe Plotkin-led group.
“As a natural step in a process due to that transaction, Michael and Gabe are in discussions about his group potentially buying an additional stake.” The statement also said: “At this time, it is unclear whether an additional sale will take place.”
The Hornets are enduring a difficult season in the NBA Eastern Conference. Jordan’s team sits 14th with a disappointing record of 23-50. The Hornets have nine games left this season. The last time they reached the playoffs was in the 2015-16 season, and they are out of postseason contention this year.
According to Forbes, Jordan is worth $2bn (£1.6bn) making him the richest retired athlete on the planet. Jordan 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. Investments elsewhere include sports-betting firm DraftKings. He also became a NASCAR team co-owner in late 2020.
