Percentage Of The Hornets Michael Jordan Own

The Charlotte Hornets are worth $3 billion according to the NBA. The Forbes valuation of the team was $1.7 billion in October 2022.

Hornets were founded in 1988 by George Shinn. They were awarded the NBA franchise in 1987 and began play in the following year.

In 2004, the team was moved to New Orleans and multiple people made bids for the team. Robert L. Johnson was awarded the ownership before the relocation.

The franchise was renamed Bobcats in 2003. They returned back to Charlotte and the team was kept for sale following the offseason of 2008.

Jordan bought the majority stakes in the club in 2010 and added more in 2014. He sold minority shares of the franchise back in 2019.

As of 2023, the ex-athlete has already finalized the selling of the team. He has come to an agreement with the team led by hedge fund manager Gabe Plotkin.

Michael Jordan ownership stake in hornets was about 65%. He bought 80% of the stake in the club with Robert L. Johnson back in 2010.

The retired athlete added 9.5% of the stakes in his name. He increased his hold on the franchise in 2014 as reported by Mike Ozanian of Forbes.

However, Jordan sold some of the minority stakes to Gabe Plotkin and Daniel Sundheim in 2019. Despite that, he had the controlling authority of the team.

On 16 June 2023, the Hornets announced on Twitter that Michael has reached an agreement to sell his majority stakes. The ex-athlete will still have minority ownership.

The details of the transaction are under wraps. Moreover, it is yet to be approved by the board of governors of the National Basketball Association(NBA).

Michael Jordan bought the Hornets for about $180 million. The current valuation of the club is over 16 times more than he paid in 2010.

The former athlete got roughly 65 percent of the shares in that amount. He added a few million dollars and bought additional stakes in the company after four years.

Jordan held around 89.5 percent of the shares of the company from 2014 to 2019. In 2019, he made some fortune by selling a few minority shares of his club.

The retired basketball player has currently reached an agreement to sell the team. As per the actual valuation, he will receive more than 15% of what he bought.

Michael Jordan has around sixty-five percent stakes in the Hornets. He is set to sell it and be relieved of the controlling owner's duties.

Jordan also owns shares in 23XI Racing since 2020. It was founded from scratch with an investment of $150 million alongside racing driver Denny Hamlin.

A gossip article was published before that stated that Denny and Jordan are business partners. When Hamlin heard of it, he texted the player from his golf game.

Michael was open to the idea and asked the racing driver if he wanted to turn it into real news. Denny went to Florida to meet the basketball athlete and they formed a racing team.

The organization has witnessed positive growth since its formation. The team has secured three wins in the past two seasons of the NASCAR Cup series.

MJ paid about $275 million for the 89.5 percent shares of the Hornets. He initially deposited $180 million followed by a few hundred million.

The former athlete received career earnings of $93,877,500. He also made a certain amount from brand endorsements and sponsorships.

Jordan invested his money wisely and he is now a billionaire. He is set to receive over $2 billion dollars for his selling the team.

As an investor, Michael might already have plans for his new venture. He will definitely make a big financial move after successfully sealing the current deal.

Michael Jordan made a $2.5 million deal with Nike in five years. The sportswear brand made custom shoes for the athlete and named it Air Jordan after the player.

The new signature shoe named Air Jordan was created for him in 1984. The shoes became so popular that the brand has a separate division for the shoe.

The former player has made millions of dollars from the shoe brand. Besides, he receives profit from every pair of Jordan sold by Nike.

Michael is also endorsed by Coca-Cola, Chevrolet, Hanes, Chase Sapphire and the list goes on and on. He has received around $40 million from his endorsement deals since 2008.

Jordan has also cracked multiple sponsorship deals. He makes money from his investments in companies like Heir App, Aktiiv Wear, WaitTime, Jordan Avakian Group, and more.

Yes, Michael Jordan is a billionaire. He invested millions of dollars in 2010 and in a span of around 13 years, it compounded to a whopping $3 billion.

Jordan's organization reached the billion-dollar mark prior to 2019. Forbes gave a valuation of $1.7 billion to the organization in October of 2022.

Though the athlete is retired, he still earns millions of dollars a year. He receives the sum from his basketball team, racing team, endorsement deals, and more.

Moreover, Michael has multiple properties across the United States. He has multi-million dollar residential properties in Utah, Florida, Chicago, North Carolina, and Hawaii.

The 60-year-old player has kept some of his real estate on sale. However, he is getting trouble finding potential buyers since the properties are highly personalized.

Michael Jordan net worth in 2023 is $2 billion. He recorded the highest fortune of his life, $2.1 billion back in 2020.

In his debut NBA year, the athlete earned a base salary of $455,000 with a signing bonus of $100,000. The highest salary that he booked is $33,140,000 during the 1997-98 season.

Jordan received $91,597,5000 with the Chicago Bulls and $2,030,000 with the Washington Wizards. He got a total signing bonus worth $250,000 in his long-spanning career.

Over the years, the athlete's wealth has increased significantly. He was one of the highest-paid players during two seasons of his 15-season-long career. Michael recorded career earnings worth over $93 million.