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Michael Jordan sells the Charlotte Hornets for $3 billion after 13 years

Posted : 16 June 2023
After 13 years as the primary owner of the Charlotte Hornets, Michael Jordan has made the decision to sell the team to an acquisition group led by two businessmen, one of whom is Rick Schnall, known for his ownership in the Atlanta Hawks. This marks the end of an era in the NBA as the legendary basketball player, widely regarded as the greatest of all time, passes on the control of the team.
 
Throughout Jordan's tenure as the owner, the Hornets were unable to achieve significant success in the highly competitive league, often struggling to make a significant impact. Recognizing the need for a change, Jordan entered into negotiations to sell a portion of his ownership in the Charlotte Hornets.
 
The agreement between the parties is expected to be finalized soon, pending approval from the NBA management. The team is anticipated to be sold for approximately $3 billion, with Jordan projected to earn a substantial sum of hundreds of millions of dollars from the sale.
 
Jordan initially became a part-owner of the Charlotte franchise in 2006, when it was known as the Charlotte Bobcats, eventually assuming a management role within the organization.

In 2010, he acquired the entire team from Bob Johnson and played a pivotal role in rebranding the team as the Hornets, following the name change of the New Orleans franchise to the Pelicans, which had previously held the Hornets' name.

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