Michael Jordan Makes $3 Billion As Sale of His Majority Stake in Hornets Is Finalized

• Michael Jordan made $3 billion after the sale of his majority stake in the Charlotte Hornets
• The NBA icon had majority ownership for 13 years
• The Hornets were disappointing under Jordan, going 423-600 in 13 NBA seasons

NBA legend Michael Jordan made around $3 billion after the sale of his majority stake in the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin was completed.

The team was valued at approximately $3 billion, and the vote on the sale was 29-1, with New York Knicks owner James Dolan the only dissenting voice.

The six-time NBA champion was the majority owner for 13 years after paying $275 million for the stake in 2010. He will still be a minority owner.

According to ESPN's Adrian Wojnarowski, the NBA's board of governors approved the new ownership consortium last month. Schnall was a minority owner with the Atlanta Hawks, while Plotkin had a minority stake in the Hornets.

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"The opportunity to be the majority owner of the Charlotte Hornets in my home state of North Carolina for the last 13 years has been a tremendous honor," said Jordan in statement.

Jordan was the only black majority owner in the NBA.

Hornets under Jordan

The team was underwhelming under the former Chicago Bulls star. In 13 seasons, the team went 423-600 and made just three playoff appearances, failing to win a single series. It was under his ownership that the then-Charlotte Bobcats went 7-59 in the shortened 2011/12 season, which is the worst record in NBA history, per CBS Sports.

Jordan failed to build a winning culture in the team, and the sale could probably usher in a winning era. They selected Brandon Miller with their No. 2 pick in the 2023 NBA Draft - a controversial decision - with many expecting them to take Scoot Henderson.

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Can the new ownership group revive the Hornets?

Hornets playoff drought

Sports Brief earlier reported on NBA teams with the longest playoff droughts, with Hornets leading the list.

Thanks to the Sacramento Kings clinching an NBA playoff berth this season, the Hornets officially have the longest playoff drought in the league.

They haven’t made the playoffs in seven years, with their last postseason appearance coming in 2016.