The former basketball player has decided to sell a large part of his shares he held in the Charlotte Hornets, which he joined in 2010. The transaction, if approved by the NBA, will result in profits of about $3 billion.
the figure of Michael Jordan is tied to success, first as a player and now as a businessman after announcing the sale of his majority stake in the Charlotte Hornets .
Six-time NBA champion with the Chicago Bulls acquired the North Carolina franchise in 2010 after paying $275 million ; However, despite the media impact generated by the transaction, it did not translate into major changes in the sporting performance of the team, which has experienced ups and downs since the arrival of the one who is considered the best basketball player of all time.
After 13 years at the helm of Los Avispones MVP of the season in 1988, 1991, 1992, 1996 and 1998 He has decided to pull out and sell his shares at a price that will bring him great returns. .
In short, the move of the ex-escort will allow him to sell his obligations to an investment group headed by Gabe Plotkin -who already owned property in the franchise- and Rick Schnall also minority owner of the Atlanta Hawks, in exchange for approximately $3,000 million .
A great deal for “Air Jordan”, which anyway will retain a minority stake in the team showing that his talent was not only on the pitch, but also off it when it came to doing business.
For now, the former basketball player will continue to oversee basketball operations until the draft next Thursday, June 22, and the start of free agency on July 1.
The agreement will be signed in the next few days and the new controllers will take command of the team once the NBA Board of Governors approves the transaction .
Along with the hornets, the property includes Greensboro Swarm (NBA G League) and Hornets Venom GT (NBA 2K League), in addition to administering the Center of the spectrum sports venue where Los Avispones are local.
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Source: Latercera
I am David Jack and I have been working in the news industry for over 10 years. As an experienced journalist, I specialize in covering sports news with a focus on golf. My articles have been published by some of the most respected publications in the world including The New York Times and Sports Illustrated.
