NBA legend Michael Jordan has just announced plans to sell his majority share in the Charlotte Hornets.
The exact sale price has not yet been announced, but the entire franchise is currently valued at around $3 billion and Jordan currently owns roughly 97% equity in the team.
According to a press release from the Hornets, the majority stake will be sold to a group led by Gabe Plotkin and Rick Schnall, with Jordan planning to keep a small minority stake in the team.
Read the full release on https://t.co/BzkRIrrehy.
🔗 https://t.co/roYUH9ilgI pic.twitter.com/N17fYc0HBp
— Charlotte Hornets (@hornets) June 16, 2023
Jordan originally bought his majority stake in the Hornets back in 2010, but despite his historic NBA career, Jordan’s decisions as an owner were often questionable, starting with a disappointing trade in 2011. The team swapped Stephen Jackson, Shaun Livingston, and the 19th draft pick for Corey Maggette and the 7th pick, Bismack Biyombo. Although the team managed to draft Kemba Walker, a key player for the franchise, the team’s performance still declined significantly.
His management style was heavily scrutinized. He often favored players who demonstrated hard work over those with innate talent, a bias which influenced his executive decisions. He was also involved in the 2011 lockout, leading a group of owners aiming to cap players’ share of Basketball Related Income at 47 percent. This stance was seen as a betrayal by many players and was widely criticized by the media.
Further, Jordan was condemned for surrounding himself with advisors who didn’t challenge his decisions. This environment led to questionable coaching appointments and draft choices. One infamous misstep was the team’s choice to draft Frank Kaminsky ahead of Myles Turner and Devin Booker. Additionally, Jordan’s detached style of management and instances where he questioned his players’ skills were also subjects of criticism.
What do you think about Jordan’s record and his decision to sell?
