Charlotte Hornets owner Michael Jordan with NBA commissioner Adam Silver.Chuck Burton/AP
Michael Jordan has agreed to sell his majority stake in his NBA team the Charlotte Hornets.
The team said financiers Gabe Plotkin and Rick Schnall would take over the franchise.
The Hornets are valued at $3 billion, per ESPN — more than 10 times the sum Jordan paid in 2010.
Michael Jordan could bag a billion-dollar windfall after he agreed to sell his NBA team for what's likely be a huge premium on the price he paid 13 years ago.
Jordan, often hailed as the greatest basketball player of all time, has agreed to sell his majority stake in the Charlotte Hornets to a group led by the financiers Gabe Plotkin and Rick Schnall, the team announced Friday.
Jordan previously sold a minority stake in the Hornets to Plotkin, who is the founder of investment firm Tallwoods Capital, and Daniel Sundheim in 2019. Rapper J. Cole is also part of the group that will buy Jordan's majority stake, the Hornets said.
The team didn't say how much the group had spent to acquire the team, but it's likely to be considerably more than the $275 million Jordan spent for majority stake in 2010, when the team was called the Charlotte Bobcats.
ESPN reported that the Hornet's valuation is now $3 billion, citing league sources.
The outlet added that Plotkin and Schnall, who is also a minority owner of the Atlanta Hawks NBA team, will become governors when the sale is completed.
Jordan will still be in charge of basketball operations for Thursday's NBA draft and for the beginning of free agency on July 1, per ESPN. He'll also keep a minority stake in the team, the Hornets said. The six-time NBA champion is the only Black majority owner in the 30-team league.
The sale will be the latest in a series of savvy business decisions that made Jordan the first athlete-billionaire.
Most of Jordan's estimated $2 billion wealth, per Forbes, is only tangentially linked to his playing career.
Jordan signed a lucrative deal with Nike as a rookie in 1984. The Air Jordan sneakers that followed have helped him earn $1.3 billion from the sportswear firm, according to Forbes estimates.
Read the original article on Business Insider
Ryan Hogg
https://www.businessinsider.com/michael-jordan-pocket-billions-nba-charlotte-hornets-sale-2023-6
By: Ryan Hogg
Title: Michael Jordan is selling the Charlotte Hornets — and he stands to make billions
Sourced From: www.businessinsider.com/michael-jordan-pocket-billions-nba-charlotte-hornets-sale-2023-6
Published Date: 06-17-2023
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Ossie Schectman, an American professional basketball player, scored the first basket in the Basketball Association of America. This was later to become the National Basketball Association. The basket was scored on November 1, 1946, in a game between the Toronto Huskies and New York Knickerbockers. Schectman's historic first basket was the opening of the inaugural season for BAA.
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Statistics
- The 2013–14 season opened with 92 international players on the opening night rosters, representing 39 countries and over 20 percent of the league. (en.wikipedia.org)
- Meanwhile, the opening night rosters include a record-setting 234 players with some G League experience, according to the NBA ( Twitter link ). (hoopsrumors.com)
- The 2013–14 season opened with 92 international players on the opening night rosters, representing 39 countries and over 20% of the league. (en.wikipedia.org)
- As of 2014, 45 percent of its viewers were black, while 40 percent were white, making it the only top North American sport that does not have a white majority audience.[102]As of 2017Democrats than Republicans.[103]Outside (en.wikipedia.org)
- Williams would 'likely' accept a deal worth $14-15M/year; Celtics are 'unlikely' to offer such a deal (HoopsHype) (bleacherreport.com)
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How is the NBA All-Star Game selected?
A combination of current player, media, and fan voting determines which 24 players will compete in the NBA All-Star Game. The vote is 50 percent cast by fans, with 25 percent each from the media and current player. Each group's vote counts as one, and all three groups submit their ballots simultaneously. Each conference's players are chosen by their position (two forwards, two guards and one center). If a player is injured or unable to play due to any other reason, then the NBA Commissioner will select a replacement for that player. The All-Star Game features a series of predetermined games in which the players are competing against each other. The team with the highest points total at the end after four quarters wins is declared the winner. Each year, the winner team receives an extra donation for their charity foundation.
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