JOURNAL ARTICLE

Charlotte Hornets confirm Michael Jordan is finalizing a deal to sell the team at a huge profit from his $275 million purchase price.

  • Published In: Fortune.com, 2023. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Reynolds, Tim 3 of 3

Abstract

The article focuses on Michael Jordan's decision to sell the majority share of the Charlotte Hornets, marking the end of his 13-year tenure as the team's owner. The sale is to a group led by Gabe Plotkin and Rick Schnall, with the franchise valued at approximately $3 billion. Despite Jordan's legendary status as a player, the Hornets struggled under his ownership, failing to win a playoff series and posting a record of 423-600. The new ownership group includes various investors, such as recording artist J. Cole and country music singer-songwriter Eric Church, and the sale is pending approval from the NBA's Board of Governors, who are emphasizing diversity in ownership. [Extracted from the article]

Additional Information

  • Source:Fortune.com. 2023/06, pN.PAG
  • Document Type:Article
  • Subject Area:Sports and Leisure
  • Publication Date:2023
  • Accession Number:164376596
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