Michael Jordan pockets $3 billion after reselling Charlotte Hornets

Already overseeing a staggering fortune, the famous No. 23 Chicago Bulls is close to making a large-scale financial deal.

After lighting up basketball floors for more than a decade during the 1990s, Jordan is now an ace on the business field.

As we learned in April of this year of his colossal fortune, Michael Air Jordan’s name is again tied to a large sum of money.

In this case, a staggering $3 billion (€2.747 billion) figure unveils ESPN.

At stake: the resale of the Charlotte Hornets’ NBA franchise. A bonanza that in all likelihood would double his personal wealth.

The American star had decided to become a shareholder of the North Carolina team in 2010 to the tune of 65% for the modest sum of $180 million.

More than a decade later, the operation proved fruitful as MJ, by gaining access to 97% of the shares of the team, benefited greatly from the upgrading of the franchise on the financial market.

The successful buyers are Gabe Plotkin, a well-known Hornets personality since he was already a shareholder since 2019, and Rick Schnall, co-chairman of private equity firm Clayton, Dubilier & Rice.

Rapper J.Cole, a basketball fan and known for working with Drake, Missy Elliot or Jay-Z should also be included in the deal to a lesser extent.

Rick Schnall, already the owner of the Atlanta Hawks, has already promised to divest from his first team in order to avoid any conflict of interest.

The phenomenon of timeshare has also had a major impact on other sports, such as football, since investment funds from the Middle East and large groups such as Red Bull entered the market.

The sale of the basketball legend’s shares comes as the team struggled to make it to the courts this season, finishing at a mere 14th place in Conference East.

MJ should nevertheless retain a short part of his shares and should not leave the ship in the midst of a sinking.