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.
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.
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.
