(New York) Former star basketball player Michael Jordan will sell control of the Charlotte Hornets to a group of investors, the team said in a statement Friday.
“MJ”, one of his nicknames, will retain a minority stake in the capital of the Hornets, which he took control in 2010.
According to ESPN, the transaction reaches 3 billion dollars, the participation of the former Chicago Bulls player amounting to 97%, according to several American media.
It’s a very nice financial operation for Michael Jordan who, according to the Charlotte Observe, had bought 65% of the capital for 180 million dollars 13 years ago. He then increased his participation gradually until he controlled almost all of the shares.
The sale should allow the former legendary number 23 to almost double his personal fortune. The magazine’s site estimated it at $2 billion before the announcement, based on a Hornets valuation of $1.7 billion.
The sale price is thus much higher than the estimates attributed to the franchise by the specialized media, which are still less than 2 billion dollars.
The group of investors includes financier Gabe Plotkin, who had already been a minority shareholder in the franchise since 2019, and Rick Schnall, co-chairman of private equity firm Clayton, Dubilier & Rice.
Rick Schnall holds a minority stake in another NBA team, the Atlanta Hawks, which he has agreed to sell in the coming weeks because the league does not allow, like most major sports circuits, the same individual to hold interests in several clubs.
Among the investors is also the American rapper J. Cole, known for his passion for basketball and a brief professional career.