REPORT: Michael Jordan Sold Part Of Hornets Based On $1.5 Billion Valuation
Sept. 20, 2019
The great Michael Jordan has sold a minority share of his ownership of the Charlotte Hornets . According to sports business expert Darren Rovell, the Chicago Bulls legend appears to have sold some of his shares for a significant profit, but still remains as the majority owner of the franchise:
The thing we need to focus on here the most is probably how much exponential growth this team’s value has experienced in the past decade. Now valued at a whopping $1.5 billion, the Hornets franchise has increased its value by roughly 538% over the past nine and a half years. For Jordan, this only means that his investment has likewise grown by a significant amount. His initial 65% ownership is now valued at $975 million.
According to Rovell, Jordan still remains the majority owner of the team, which means that he could not have sold more than 14% of his share, in order for him to retain majority control at at least 51% ownership. If this was the case, then Jordan could be looking at about $210 million in terms of this sale.
This was a pretty smart move from Jordan, considering how he will be earning a ton of income while still maintaining majority control of a team that he has pretty much built from the ground up. With the recent departure of former cornerstone superstar Kemba Walker , though, it appears Charlotte is back to square one, which might have been one of Jordan’s primary motivations in selling part of his stake in the organization.
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