"Thirteen years ago, I had the honor of becoming the majority owner of the Charlotte Hornets. The chance to own the NBA franchise in my home state and a city I love was truly a dream come true." This was how Michael Jordan began his farewell letter after it became official Thursday that he was no longer the majority shareholder of the Charlotte Hornets.
The NBA legend sold the vast majority of his shares in the North Carolina franchise to a group led by Rick Schnall and Gabe Plotkin, who will rotate the Hornets' governorship. "I am thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick. I know the Hornets organization is in good hands moving forward. I'm excited about the future of the team and will continue to support the organization and the community in my new role for years to come," he said in his letter.
OFFICIAL: The sale of the majority stake in the Charlotte Hornets from Michael Jordan to a group led by Gabe Plotkin and Rick Schnall has been finalized.
— Charlotte Hornets (@hornets) August 3, 2023
Jordan made a huge profit on the sale. Thirteen years ago, he paid around $275 million for 97% of the Hornets' shares. Although the official figures have not been disclosed, it is estimated to be valued at $3 billion, according to sources close to the company.
During Jordan's 13 seasons as owner, the franchise only managed to qualify for the playoffs twice (2013-2014 and 2015-2016). They were eliminated in the first round both times. The Hornets posted a video on Twitter thanking Jordan for his work over the past 13 years.
Thank you, Michael Jordan, for 13 memorable years. pic.twitter.com/H32InriDRu
— Charlotte Hornets (@hornets) August 4, 2023