Michael Jordan is planning to make billions by selling the Charlotte Hornets
The team announced that businessmen Rick Schnall and Gabe Plotkin would purchase the squad.
According to ESPN, the Hornets are worth $3 billion, which is more than ten times what Jordan spent on them in 2010.
After agreeing to sell his NBA club for what is sure to be a significant premium over the sum he purchased 13 years ago, Michael Jordan might receive a profit of $1 billion.
The Charlotte Hornets announced on Friday that Michael Jordan, frequently regarded as the greatest basketball player of all time, has agreed to sell his controlling interest in the franchise to a group of investors led by financiers Gabe Plotkin and Rick Schnall.
In 2019, Jordan offered Plotkin, the creator of the investment company Tallwoods Capital, and Daniel Sundheim a minority ownership in the Hornets. According to the Hornets, the consortium that will purchase Jordan’s majority share also includes rapper J. Cole.
The team declined to disclose the amount the consortium paid to purchase the team, although it is believed to be significantly higher than the $275 million Jordan paid for the team’s controlling ownership in 2010 when it was still known as the Charlotte Bobcats.
According to Forbes, the majority of Jordan’s projected $2 billion fortune is only distantly related to his playing career.
In 1984, Jordan became a rookie and inked a lucrative contract with Nike. According to estimates from Forbes, the Air Jordan sneakers that came after helped him make $1.3 billion from the sportswear company.
