Michael Jordan is reputed for his achievements in the NBA history, when he won 6 championships with the Chicago Bulls throughout his basketball career. His earnings as an athlete were $90 million. Other lucrative ventures and collaborations with renowned companies like Nike, Hanes, and Gatorade Generated him a huge sum of $1.8 billion.
In 2019, MJ- the owner of Charlotte Hornets, made a cunning decision of liquidating a portion of the NBA franchise for an astonishing $1.5 billion. In September 2020, Jordan further went on joining hands with a sports betting company- DraftKings as an investor and a special advisor. Later on towards the end of 2020, Jordan also gave his shot at co-owning a NASCAR team.
These ventures definitely demonstrate the exceptional financial standards which have assisted him in expanding his net worth and making connections outside of his basketball career. Now let us have a look at how Jordan became a billionaire in a single day.
Michael Jordan makes $2.7 billion in one day
The sale of a portion of Michael Jordan’s ownership interest in Charlotte Hornets definitely bought an end to the NBA legend’s tenure as a majority franchise owner in the league. The party who brought the share was led by Rick Schnall.
Michael Jordan’s sale of a majority stake in the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin is completed, team says. NBA Board of Governors recently approved the new ownership group, sources said.
— Adrian Wojnarowski (@wojespn) August 3, 2023
The acquisition of a startling amount of $3 billion, which was not disclosed till early June, marks the new ownership groups investment above the market value. Jordan further went on making a record of $2.725 billion returns in a single day, as compared to his return on the sale of $275 million initial investment when he bought the Hornets’ majority ownership in 2010.
As the leagues primary team owner, Jordan has faced a plethora of difficulties throughout his 13 year majority ownership tenure. The team underperformed several times on the court and could only make up to 3 playoffs. Still, the NBA icon did not fail to express his gratitude for leading the team in his native North Carolina and for several accomplishments which were made possible by his ownership. They include owning the 2019 NBA All Star game.
Jordan handed over the ownership and management of the team to Plocktin and Schnall, giving them the duty to strengthen the stability in the team and take Hornets to new heights both on and off the court. This changed Jordan’s role as a majority owner to now a minority ownership role.
Michael Jordan shares statement on official sale of Hornets
On 3rd August The Charlotte Hornets introduced their new owners- Gabe Plotkin and Rick Schnall, in a news conference. Before this event took place, Michael Jordan- the team’s Previous Majority Owner, shared a statement on the official site of the Hornets, stating the sale and recalling his tenure as its leader.
Jordan thanked God for allowing him to lead the Hornets at that time and for the privilege of holding the full ownership of the team in his native North Carolina. He emphasized the accomplishments of the group, such as hosting the 2019 NBA All-Star Game and bringing back the Hornets a name.
He further expressed enthusiasm and faith in Plotkin and Schnall, the new co-owners, as he moved into a minority ownership position. He stated his conviction that they will advance the Hornets to new heights on and off the court by building on the stability he gave to the team.
