When Michael Jordan purchased what was the Charlotte Bobcats at the time from then owner Bob Johnson in 2010, Jordan paid $180 million.
Today, what is now know of course as the Charlotte Hornets, Jordan’s $180 million investment has now turned into a valuation of team at $1.3 billion, according to Forbes.
Jordan, according to Rick Bonnell of the Charlotte Observer, will be selling off a large ownership stake in the Charlotte Hornets. Although Jordan will be selling off a large share of the team, he will remain in majority control of the team.
The Hornets owner is selling off his large ownership piece to two New York-based investors Gabe Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital.
Jordan saying in a statement released by the Hornets,
“While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team’s NBA Governor, Gabe and Dan’s investment in the team is invaluable. Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for basketball. They share my commitment to Charlotte and the Carolinas.”
According to Bonnell, Jordan is bringing in the investors with a focus on technological advances as he continues to focus on the basketball decisions.
Jordan’s estimated value, according to Forbes, is $1.9 billion.
The estimated value of what Jordan is selling off to the investors has not been revealed at this time.
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