Do you want to find out what NBA team does Michael Jordan owns? Read this article to get all the information.
Is it true that Michael Jordan owns a basketball team? Since 2010, MJ has been the majority owner of the Hornets. On the court, the Hornets have had a difficult time.
The documentary of Michael Jordan, The Last Dance, has been completed and fans were once again allowed to witness the Bulls legend win his sixth and final NBA title. It’s a great show and worth watching.
Before retiring in January 1999, Jordan spent two seasons as the general manager of the Washington Wizards. Jordan went back into retirement for the second time in 2001 when he returned to the Wizards for a few games.
Despite having retired in 2003, Jordan is still linked to the NBA as the majority owner of the Charlotte Hornets.
Is It True That Michael Jordan Owns a Basketball Team?
Jordan is a well-known basketball enthusiast and owns the Charlotte Hornets, a professional basketball team. On February 28, 2010, Michael Jordan purchased the Charlotte Hornets from Bob Johnson for $275 million.
Jordan had been a member of the franchise since 2006 as a minority investor. Since becoming a minority owner of the Hornets (formerly known as Charlotte Bobcats 2004-2014), he has reportedly had direct input on basketball decisions.
Since 2005, according to some reports, George Shinn, who launched the NBA Charlotte team in 1987, has been negotiating the sale of the franchise with Michael Jordan.
“Becoming the majority owner of an NBA franchise was my post-playing career goal of becoming the majority owner of an NBA franchise. “Jordan said after purchasing the Bobcats (now Hornets).
“As a native North Carolinian, I am especially grateful to be given the chance to form a winning squad in my home state. “
According to reports, Jordan sold around 20% of the Hornets to two New York-based investors, Gabe Plotkin and Daniel Sundheim in September 2019.
The Charlotte Hornets Are Having a Tough Time In the NBA
As a Charlotte Hornets owner, Michael Jordan has yet to show his managerial mettle. Since taking control of the team in 1998, the franchise has made just two playoff appearances and hasn’t done well in the draft.
The team hasn’t had much success in recent years, but it has remained a mid-tier club in the Eastern Conference. This season, the franchise is enduring its fourth consecutive losing campaign and tenth in the East with a 23-42 record (win-loss).
Kemba Walker departed the franchise at the conclusion of the 2019-20 season, signing a sign-and-trade deal with the Boston Celtics. Walker was one of the few successes for Jordan and the Hornets. Until he was traded last year when he was chosen as the No. 9 overall pick.
The Financial Success Of the Charlotte Hornets Is Continuing To Grow
Despite the fact that the Charlotte Hornets’ performance in the NBA has been poor, their value in the financial market continues to rise each year owing to their affiliation with Michael Jordan.
Jordan sold a 20% stake in the franchise for $50 million, almost twice what he initially paid in 2010. According to reports, the Hornets generated total revenue of $240 million last season with $39 million operating income.
The Charlotte Hornets are the twenty-fifth most valuable franchise in the NBA, valued at $1.5 billion according to Forbes, which is a 20 percent increase from last season.
What Other Business Does Michael Jordan Own?
Michael Jordan is without a doubt the greatest basketball player of all time. His influence in the NBA has not waned throughout the years.
Jordan is also a well-known entrepreneur, having started his business while at the University of North Carolina.
How many businesses does Michael Jordan own? We don’t know exactly how many enterprises he has.
Jordan is a Charlotte Hornets owner and has business relationships with numerous firms and brands, having an estimated net worth of $2.2 billion.
We examine what Michael Jordan owns and how he became a billionaire in depth.
Jordan Had a Fantastic 2021, According To Legend
In 2021, Michael Jordan had a good summer. 6-time NBA champion Michael Jordan is a multimillionaire. Of course, the repercussions of the coronavirus pandemic made a difference, but now Jordan’s relationships are gradually improving.
The Bulls’ next season is unquestionably worth the wait for the franchise’s growth.
Sources of Income
Other than professional sports, Jordan has a number of sources of revenue. The move of Argentine forward Lionel Messi from Barcelona to Paris Saint-Germain is one of the most significant sporting events for the summer 2021 season.
Because of the move, Paris Saint-Germain gained not just millions but also a round sum of money.
The Parisians are expecting to make hundreds of millions of dollars from selling T-shirts with the Argentine name alone. However, the legendary Michael Jordan will not be left out – he receives a cut of each sale.
Nike makes The Paris Saint-Germain (PSG) jersey but it has the Air Jordan logo. Michael Jordan made his debut on the Parisian team’s uniform in 2018 and became a member of the Basketball Hall of Fame.
The logo was initially seen on the away and third kits of the form, and it has been seen on the home since this season. According to French news, Jordan gets 5% of every PSG jersey that his brand sells.
According to the source, as of August 28, Jordan has already received $7.5 million from the sale of Messi’s apparel. Despite the fact that the sum is unsanctioned and may not be completely accurate. The fact remains that Jordan earns millions each year on Messi’s transfer. And it will continue to do so.
He Is a Big Charity Giver
Michael Jordan is a generous person. He has won several cases against firms that used his name without permission, and he does not forget about charity. The relentless competitor contributed the money to charity. In 2018, Jordan gave $2 million to those affected by the devastation of Hurricane Irma in Florida.
Due to his promise, he pledged to give $7 million to two major hospitals after one year.