Gabe Plotkin, Children of Fallen Patriots/Michael Jordan in Paris, Jan. 24, 2020.(AP Photo/Thibault Camus, File)/J. Cole, Spotify
National Basketball Association great Michael Jordan is about to make a reported $2 billion. He has sold his stake in the NBA team the Charlotte Hornets to a group of investors that includes music artists J. Cole and Eric Church, who are both from North Carolina. The team has a valuation of approximately $3 billion.
According to ESPN, Jordan will rake in over $2 billion in profits from the sale, the Sports Rush reported.
Jordan has owned the North Carolina NBA team for more than a decade, having held his majority stake since 2010. If he did sell his stake for more than $2 billion, it is nearly 20 times more than what the former NBA star paid for, Forbes reported.
Six-time NBA champ Jordan, a native of North Carolina, purchased a majority stake in the Hornets (then named the Bobcats) for about $175 million after owning a minority stake since 2006. Jordan became the first former NBA player to become a majority owner, and he is still the league’s only Black majority owner. The team was renamed in 2014.
Jordan sold to a group led by Gabe Plotkin, a hedge fund founder who already owns a minority stake in the Hornets, and Rick Schnall, a private equity firm president who owns a minority stake in the Atlanta Hawks, the NBA announced on June 16. Plotkin is the founder of Melvin Capital Management, and minority owner of the Charlotte Hornets.
Schnall owns a small piece of the Atlanta Hawks but is in the process of selling is investment in the team. The Grammy-winning hip-hop artist played for the Scarborough Shooting Stars in the Canadian Elite Basketball League as well as the Rwanda Patriots of the Basketball Africa League, The Sun reported.
Others in the investment group include former minority stake owner Dan Sundheim, Chris Shumway, Ian Loring, Dyal HomeCourt Partners and local investors Amy Dawson and Damian Mills.
Jordan will also maintain a minority stake in the Hornets and will continue overseeing the Hornets’ operations as its owner and chairman until at least July 1, ESPN reported.
The deal still requires approval from the NBA Board of Governors.
Gabe Plotkin, Children of Fallen Patriots, https://www.fallenpatriots.org/board-of-advisors/2023/3/17/gabriel-plotkin-76zj5-ldrj2/ Basketball legend Michael Jordan speaks during a press conference ahead of an NBA basketball game between the Charlotte Hornets and Milwaukee Bucks in Paris, Jan. 24, 2020. Jordan is considering selling the Charlotte Hornets. The six-time NBA champion is in negotiations to sell at least a portion of the franchise to a group that includes Hornets minority owner Gabe Plotkin. (AP Photo/Thibault Camus, File)/J. Cole, Spotify, https://open.spotify.com/artist/6l3HvQ5sa6mXTsMTB19rO5
