Michael Jordan will no longer own the Charlotte Hornets – 6/16/2023 – Sports
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Basketball legend Michael Jordan will sell his majority stake in the NBA’s Charlotte Hornets to an investment trust, the team announced Friday.
The former Chicago Bulls, retired from the courts in 2003, spent approximately US$ 275 million in 2010 (about R$ 484 million, at the time) to take over the majority of the Hornets’ shares, being the first former player in the NBA to become a team owner.
His share comes to approximately US$ 3 billion (around R$ 14.5 billion, at the current exchange rate), according to information from ESPN, which cites a source from the league.
The group of buyers is led by Gabe Plotkin, chief investment officer of Tallwoods Capital LLC, and Rick Schnall, co-chairman of private equity firm Clayton, Dubilier & Rice.
The group also includes musicians J. Cole and Eric Church, a press release from Hornets Sports & Entertainment said, without disclosing the financial terms of the sale.
Jordan, who was a college star in Charlotte’s home state of North Carolina, will retain a minority stake in the franchise in this transaction, which has yet to be approved by the NBA, the team said.
Jordan, 60, won six NBA rings with the Bulls, was named the NBA’s Most Valuable Player (MVP) five times and won two Olympic gold medals.
As a director, however, his Hornets’ performance has been very low-key, with only three appearances in the first round of the playoffs since 2010.
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