BY Richard Moorhead, The Western JournalMarch 18, 2023
1 year ago
 | March 18, 2023
1 year ago

Michael Jordan to Sell Majority Stake in $1.7 Billion Business - Report

Basketball legend Michael Jordan is eyeing selling his NBA franchise.

The retired sports star is in negotiations to sell his majority stake in the Charlotte Hornets, according to a Thursday ESPN report.

Jordan is "engaged in serious talks" to sell his stake in the franchise to a group involving Atlanta Hawks minority owner Rick Schnall and Hornets minority owner Gabe Plotkin, according to the report.

Jordan and his peers have seen significant progress in the negotiations, according to ESPN.

Jordan would maintain a minority ownership stake in the team in the outlined agreement.

Jordan became the majority owner of the Hornets in 2010, and the team has seen less success than the legendary player in his own playing career.

The Hornets have only had three winning seasons since Jordan became the majority owner, according to the Sports Business Journal.

Even though the team hasn't seen on-court success, the sale could represent a financial windfall for Jordan.

The Chicago Bulls great acquired a majority stake in the team for $275 million in 2010.

Jordan first acquired a minority stake in the franchise in 2005, according to Sports Illustrated.

The Hornets are currently valued at $1.7 billion, according to some estimates.

The change in ownership won't lead to the franchise relocating from Charlotte.

"With or without a sale, the Hornets will be staying put" in the Charlotte market, according to one local journalist cited by the Sports Business Journal.

Jordan, a six-time NBA champion, is widely considered the greatest player in the history of the league.

The retired athlete and businessman already has a net worth of $2 billion, according to an estimate of his wealth from Forbes.

This article appeared originally on The Western Journal.

Written by: Richard Moorhead, The Western Journal



Everyone Except Melania Wishes Trump Happy Birthday

According to a Daily Beast report, numerous public figures expressed their well-wishes for former President Donald Trump on his 78th birthday, while Melania Trump remained…
10 hours ago
 • By Staff Writers

Bill Maher Clashes With Charlamagne Tha God Over Racial Commentary

During a recent episode of "Real Time with Bill Maher," host Bill Maher and radio personality Charlamagne Tha God engaged in a fiery debate about…
10 hours ago
 • By Staff Writers

Man Admits to Killing Girl and Abduction, Requests Death Penalty

A Louisiana man, David Callihan, has admitted to abducting two children and killing one of them in a possible human trafficking case.  Callihan, 36, confessed…
10 hours ago
 • By Robert Cunningham

Murphy: SCOTUS Increasingly Political And Corrupt According To Senator

During a televised interview on CNN's "State of the Union," U.S. Senator Chris Murphy strongly criticized the U.S. Supreme Court, highlighting what he perceives as…
10 hours ago
 • By Staff Writers

CNN Sets Stage For First Presidential Debate Featuring Biden And Trump, RFK Jr. May Join

According to Fox News, CNN has established the guidelines for an upcoming debate in Atlanta on June 27. The event will feature President Joe Biden…
14 hours ago
 • By Staff Writers


We publish the objective news, period. If you want the facts, then sign up below and join our movement for objective news:



    Get news from American Digest in your inbox.

      By submitting this form, you are consenting to receive marketing emails from: American Digest, 3000 S. Hulen Street, Ste 124 #1064, Fort Worth, TX, 76109, US, You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact.
      Christian News Alerts is a conservative Christian publication. Share our articles to help spread the word.