Michael Jordan is about to sell the Charlotte Hornets franchise
He paid $180 million for the team in 2010, the franchise is now worth $1.77 billion.
A sale isn’t close, however, if Jordan were to sell his majority stake, he would still remain a minority owner of the franchise.
Jordan became the majority owner of the then Charlotte Bobcats in 2010, after purchasing the team for $275 million from former majority team owner Bob Johnson.
Prior to that, Jordan had been a minority investor in the franchise dating back to 2006.Â
Since Jordan, the six-time NBA champion and Hall of Fame basketball player, became the majority owner of the Hornets, the team has struggled to find any consistent success on the court.
In the 13 years that he’s maintained majority ownership of the franchise, Charlotte has only appeared in the postseason twice, the last time being in 2016.Â
During Jordan’s tenure as team owner, the Hornets have run through five different head coaches, have moved on from franchise cornerstone players like Kemba Walker and have missed on several draft prospects.
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