Michael Jordan, the six-time NBA champion and Hall of Famer, has sold his majority stake in the Charlotte Hornets for $3 billion. The deal, which was announced on Friday, makes Jordan the first billionaire former NBA player.
The Sale
The sale was reportedly made to a group led by Gabe Plotkin, a hedge fund manager, and David Tepper, the owner of the Carolina Panthers. Plotkin and Tepper will become the majority owners of the Hornets, while Jordan will retain a minority stake in the team.
The Financials
The sale price of $3 billion is a significant increase from the $275 million that Jordan paid for the Hornets in 2010. The team's value has skyrocketed in recent years, thanks to the growth of the NBA and the Hornets' success on the court.
Jordan's Legacy
Jordan's sale of the Hornets marks the end of an era for the team. Jordan has been the face of the Hornets since he bought the team, and he has helped to turn the franchise into a success. The sale is a sign that Jordan is ready to step back from the day-to-day operations of the team, but he will remain a minority owner and a significant presence in Charlotte.
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