Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    IShowSpeed Daniel La Belle race
    Videos

    IShowSpeed Beats Daniel La Belle in 40-Meter Race, Hits 41M Subscribers

    June 24, 2025 2 Min Read
    Cardi B new single Outside
    Videos

    Cardi B’s ‘Outside’ Single Sparks Buzz Over Offset and Stefon Diggs

    June 20, 2025 2 Min Read
    Squid Game Season 3
    Videos

    Squid Game Season 3: Final Trailer Unveils Epic Plot

    June 14, 2025 2 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: Michael Jordan’s Profitable Exit from Charlotte Hornets Ownership
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
Michael Jordan's Exit from Charlotte Hornets
PhotoNews Pakistan > Sports > Michael Jordan’s Profitable Exit from Charlotte Hornets Ownership
Sports

Michael Jordan’s Profitable Exit from Charlotte Hornets Ownership

Web Desk
By Web Desk Published August 4, 2023 2 Min Read
Share
Photo Source: Sportskeeda
SHARE

Considered a basketball legend, Michael Jordan’s wealth has grown exponentially since his retirement, with his financial power transcending the basketball court.

Most of his revenue comes from the Jordan Brand, which enabled him to acquire the majority stake in the Charlotte Hornets for approximately $275 million in 2010. This move paid off significantly when he officially sold his majority stake on August 3, 2023, for a whopping $3 billion. This sale has profited Jordan by $2.25 billion, illustrating the impact of his star power over 13 years.

Michael Jordan’s sale of majority ownership of Charlotte Hornets is finalized https://t.co/kND5VLRDwj

— MarketWatch (@MarketWatch) August 3, 2023

Jordan Retains Minority Stake and Influences Future Governance

Despite parting with his majority stake, Jordan maintains a minority share in the team. The former minority owner, Gabe Plotkin, and Rick Schnall are primed to step in as co-Chairmen, both of the team and Hornets Sports & Entertainment. The team’s governance is set to rotate between them every five years, with Schnall assuming the first term.

This significant sale leaves the NBA devoid of any African American team governors, a position uniquely held by Jordan among the owners. Throughout his 13-year tenure, although the Hornets didn’t clinch any championships, Jordan made some strategic decisions that positively influenced the team’s trajectory.

Sale of Michael Jordan’s majority ownership of Charlotte Hornets finalized https://t.co/Mulmhj9LCS pic.twitter.com/ZuO2yByv2P

— The Globe and Mail (@globeandmail) August 3, 2023

A standout choice was drafting LaMelo Ball, the most talented of the Ball brothers. Additionally, Jordan’s reputation helped elevate the Hornets to one of the world’s premier sports brands. The Charlotte Hornets, valued at $1.7 billion by Forbes, have increased by $1.3 billion since Jordan’s initial purchase in 2010.

This decision to relinquish ownership and reap his rewards reflects Jordan’s current financial standing. Following the official sale, Jordan’s net worth leapt from $2 billion to $5 billion virtually overnight.

TAGGED:BasketballFeaturedNBA
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

G7 global tax exemption 2025

G7 Backs U.S. Proposal to Exempt Companies from Global Tax Agreement

Pakistan default risk 2025

Pakistan Leads Global Decline in Sovereign Default Risk, Bloomberg Reports

Justin Bieber lilbieber 2025

Pakistan Denies $100M Price Tag for Roosevelt Hotel Privatisation

New iPhone 17 Series

iPhone 17 to Boast Larger 6.3-Inch 120Hz Display, Tipster Reveals

MI6’s New Chief Blaise Metreweli

New MI6 Chief’s Grandfather Was Nazi Spy ‘The Butcher,’ Reports Reveal

Post Archives

More Popular from Photonews

Gilgit-Baltistan (GB) budget 2025
Gilgit - Baltistan

Gilgit-Baltistan Unveils Rs1.486 Trillion Budget for 2025–26

2 Min Read
Justin Bieber lilbieber 2025
Entertainment

Justin Bieber Switches Instagram to @lilbieber, Sparks Fan Speculation

3 Min Read
Katy Perry Orlando Bloom split
Entertainment

Katy Perry and Orlando Bloom Split After Decade-Long Romance, Sources Say

3 Min Read
World

Cuomo Concedes to Mamdanu in NYC Mayoral Primary

On June 24, 2025, Zohran Mamdani, a progressive newcomer, took a commanding lead over former Governor…

June 25, 2025
Top NewsWorld

IAEA Reports No Radiation Leak in Iran, Offers Mediation After U.S. Strikes

On June 22, 2025, the IAEA confirmed no off-site radiation increase following U.S. strikes on Iran’s…

June 23, 2025
Entertainment

Cardi B Confirms Romance with Stefon Diggs in a Unique Style

Cardi B ended months of dating rumours by confirming her romance with NFL star Stefon Diggs…

June 25, 2025
Top NewsWorld

Iran Holds State Funeral for 60 Killed in Israel Conflict

On June 28, 2025, Iran commenced a state funeral in Tehran for 60 individuals, including military…

June 28, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?