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

Michael Jordan's documentary, The Last Dance, is officially concluded and fans once again got to witness the 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 the second time in 2001 for a short stint with the Wizards. While Jordan finally hung up his boots in 2003, till date, he remains associated with the NBA as the 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 the Charlotte Hornets owner in 2010 after he paid a reported $275 million to former owner Bob Johnson. Jordan was already serving as a minority investor at the franchise since 2006. He reportedly even had the final say on basketball decisions since he became a minority owner of the Hornets (formerly known as Charlotte Bobcats 2004-2014). Some reports state George Shinn, who introduced the NBA side from Charlotte in 1987, was in talks with Michael Jordan for the sale of the franchise since 2005. George Shinn sold all of his Hornets stakes in December 2010, 10 months after Jordan became the majority owner.

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After becoming the majority Charlotte Hornets owner, Jordan said in an interview, "Purchasing the Bobcats (now Hornets) is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise. I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina." In September 2019, Jordan reportedly sold about 20% stake of the 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. The franchise made just two playoff appearance since Jordan's takeover and has not been particularly effective in the NBA draft. The franchise still remains a mid-tier side in the Eastern Conference. This season, the franchise is going through its fourth losing season a row, 10th in the Eastern Conference with a 23-42 (win-loss) record. The sign-and-trade deal at the start of the 2019-20 season saw Kemba Walker leave the franchise for Boston Celtics. Drafted in 2011 as the No. 9 overall pick, Walker was one of the rare success stories for Jordan and the Hornets, until he was traded last year.

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

Despite the performance in the NBA have been sub-par, Charlotte Hornets' value in the financial market continues to rise every year, thanks to the association with Michael Jordan. The 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, the Hornets reportedly generated total revenue of $240 million with $39 million as operating income. According to Forbes, the Hornets are the 25th most valuable franchise in the NBA with a valuation of $1.5 billion - 20% increase from the previous season.

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