In 2010, Michael Jordan made a risky investment that turned into a $3 billion deal 13 years later
The former player paid about $275 million for control of the Charlotte Hornets, and in 2023 he sold his majority stake in a deal that valued the franchise at $3 billion.
Michael Jordan paid approximately $275 million in 2010 to become the majority owner of the then-Charlotte Bobcats. Thirteen years later, the sale of his controlling stake was completed in a deal that valued the franchise at about $3 billion.
The NBA approved Jordan's acquisition in March 2010, although the former player had already been part of the ownership group for four years. With that transaction, he became the first former NBA player to assume majority control of a franchise.
From $275 million to a $3 billion valuation
In August 2023, the sale of Jordan's majority stake to a group led by Gabe Plotkin and Rick Schnall was completed. Plotkin had already been a minority shareholder of Charlotte since 2019, while Schnall arrived after having been part of the ownership group of the Atlanta Hawks. Jordan, for his part, decided to retain a minority stake in the Hornets.
The difference between the 275 million paid in 2010 and the 3 billion valuation in 2023 shows how much the value of the franchise increased during those 13 years.
During his time leading the organization, one of the team's most important identity changes also took place. The franchise left behind the Charlotte Bobcats name and brought back the Charlotte Hornets name for the 2014-15 season, a change driven during Jordan's tenure.
The on-court results, however, were far from matching the economic growth. Charlotte compiled a record of 423 wins and 600 losses during Jordan's 13 seasons as majority owner, made the playoffs three times, and failed to win a postseason series.
The contrast was clear: while the team struggled to establish itself as a contender in the Eastern Conference, its valuation increased more than tenfold compared with the amount Jordan paid in 2010. The 2023 deal thus brought his tenure as majority owner to a close after more than a decade at the helm of the franchise.
Jordan did not completely sever ties with Charlotte. After the sale, he continued as a minority shareholder and Alternate Governor of the Hornets, according to the franchise's official information, maintaining a relationship with the team that began years before assuming control in 2010.
