After 13 years Michael Jordan is no longer the majority owner of the team. On Thursday, the NBA legend officially sold his stake to the ownership group of Rick Schnall and Gabe Plotkin, but MJ will maintain a small minority stake in the franchise. In a deal that began to unfold a few months ago, Jordan, the North Carolina native decided it was time to let the team be run by a new regime.
Following the announcement of the sale, Jordan who never had much success as the team’s owner, sounded relieved and grateful for the opportunity to lead his hometown NBA franchise.
Jordan Pens Letter To The Queen City
Jordan, who purchased the team in 2010 for $275 million, sold the team for a reported $3 billion, which is ten times the amount he paid for it. No matter the team’s meager accomplishments and record under Jordan’s leadership, it’s a savvy business move by the player many recognize as the greatest to ever touch the hardwood.
Jordan got paid, and then pinned a letter to the city of Charlotte.
“Thirteen years ago, I had the honor of becoming the majority owner of the Charlotte Hornets. The chance to own the NBA franchise in my home state and a city I love was truly a dream come true.
“As Gabe Plotkin and Rick Schnall, and their ownership group, now take a controlling stake in the team, and I transition to becoming a minority owner. I want to say Thank You to Hornets fans for all of the love and dedication you’ve shown the franchise and to me over the years. We’ve had some unforgettable moments together, as well as a few challenging ones but through it all, you’ve remained committed to us. Although we were not as successful on the court as I — and many of you — would have liked. I am proud of the things that we accomplished as an organization.”
The Hornets went 423-600 under Jordan, with not a single playoff series win. In fact, they didn’t make the playoffs during Jordan’s last seven seasons as owner.
Jordan Was Only Black Majority Owner In Four North American Pro Sports
The departure of Jordan is a hit to Black ownership in the four North American professional sports leagues, (NBA, NFL, MLB and NHL). As of now there are no Black majority owners in any of those leagues, and from the looks of it, that may not change anytime soon.
So, while Jordan selling is a great business move for him, it doesn’t help Black ownership at all, and that’s more important.
