Does Michael Jordan own a basketball team? When did Michael Jordan buy Charlotte Hornets?

Michael Jordan's documentary, Last Dance, is officially concluded and fans once again got to witness Bulls legend lifting his sixth and final NBA title. Jordan went onto retire in January 1999 before taking up a management role at Washington Wizards. Jordan even came out of retirement for second time in 2001 for a short stint with Wizards. While Jordan finally hung up his boots in 2003, till date, he remains associated with NBA as majority owner of Charlotte Hornets.

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Does Michael Jordan own a basketball team? Michael Jordan Hornets

As mentioned above, Jordan does own a basketball team - Charlotte Hornets. Michael Jordan became Charlotte Hornets owner in 2010 after he paid a reported $275 million to former owner Bob Johnson. Jordan was alrey serving as a minority investor at franchise since 2006. He reportedly even h final say on basketball decisions since he became a minority owner of Hornets (formerly known as Charlotte Bobcats 2004-2014). Some reports state George Shinn, who introduced NBA side from Charlotte in 1987, was in talks with Michael Jordan for sale of franchise since 2005. George Shinn sold all of his Hornets stakes in December 2010, 10 months after Jordan became majority owner.

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After becoming majority Charlotte Hornets owner, Jordan said in an interview, "Purchasing  Bobcats (now Hornets) is culmination of my post-playing career goal of becoming majority owner of an NBA franchise. I am especially pleased to have opportunity to build a winning team in my home state of North Carolina." In September 2019, Jordan reportedly sold about 20% stake of Hornets to two New York-based investors, Gabe Plotkin and Daniel Sundheim.

Does Michael Jordan own a basketball team? Michael Jordan Hornets struggle in NBA

As a Charlotte Hornets owner, Michael Jordan is yet to prove his mettle as an efficient manager. franchise me just two playoff appearance since Jordan's takeover and has not been particularly effective in NBA draft. franchise still remains a mid-tier side in Eastern Conference. This season, franchise is going through its fourth losing season a row, 10th in Eastern Conference with a 23-42 (win-loss) record. sign-and-tre deal at start of 2019-20 season saw Kemba Walker leave franchise for Boston Celtics. Drafted in 2011 as No. 9 overall pick, Walker was one of rare success stories for Jordan and Hornets, until he was tred last year.

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Does Michael Jordan own a basketball team? Michael Jordan Hornets' financial values continue to soar

Despite performance in NBA have been sub-par, Charlotte Hornets' value in financial market continues to rise every year, thanks to association with Michael Jordan. aforementioned deal where Jordan sold 20% of his franchise stake to investors, $300 million off that deal, considerably more than he initially paid in 2010. Last season, Hornets reportedly generated total revenue of $240 million with $39 million as operating income. According to Forbes, Hornets are 25th most valuable franchise in NBA with a valuation of $1.5 billion - 20% increase from previous season.

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