GustavBahler wrote:https://sports.yahoo.com/report-michael-...
Michael Jordan agreed to sell a “large piece” of the Charlotte Hornets to a pair of New York-based investors on Saturday, though will retain majority control of the team, according to the Charlotte Observer.Jordan is selling parts of the team to Melvin Capital founder Gabe Plotkin and DI Capital founder Daniel Sundheim. The two still need to be approved by the NBA before the sale can go through, though that is expected to be made official in the coming weeks, according to the Observer. It’s not yet clear how much of the team Jordan is selling.
Jordan purchased the organization in 2010 for $275 million, taking over from former owner Bob Johnson. He became a minority investor with the team in 2006, and held the final say on basketball decisions. According to Forbes, the franchise is currently worth $1.3 billion — the third-lowest in the league. By comparison, the New York Knicks are worth $4 billion.
Despite the sale, though, Jordan still plans to own and run the Hornets for “a good, long time,” per the report. He currently owns about 97 percent of the team, and “is attracted to adding investors with deep resources who might offer new ideas regarding technology advances,” according to the Observer.
Only $1.3 Billion? Still a helluva return on the initial investment. This should give Hornets fans hope that he will eventually sell.
BigDaddyG wrote:GustavBahler wrote:https://sports.yahoo.com/report-michael-...
Michael Jordan agreed to sell a “large piece” of the Charlotte Hornets to a pair of New York-based investors on Saturday, though will retain majority control of the team, according to the Charlotte Observer.Jordan is selling parts of the team to Melvin Capital founder Gabe Plotkin and DI Capital founder Daniel Sundheim. The two still need to be approved by the NBA before the sale can go through, though that is expected to be made official in the coming weeks, according to the Observer. It’s not yet clear how much of the team Jordan is selling.
Jordan purchased the organization in 2010 for $275 million, taking over from former owner Bob Johnson. He became a minority investor with the team in 2006, and held the final say on basketball decisions. According to Forbes, the franchise is currently worth $1.3 billion — the third-lowest in the league. By comparison, the New York Knicks are worth $4 billion.
Despite the sale, though, Jordan still plans to own and run the Hornets for “a good, long time,” per the report. He currently owns about 97 percent of the team, and “is attracted to adding investors with deep resources who might offer new ideas regarding technology advances,” according to the Observer.
Only $1.3 Billion? Still a helluva return on the initial investment. This should give Hornets fans hope that he will eventually sell.
Believe Jordan owning a team and still being in the NBA family is good for the league. Hasnt been great for the Hornets though. They get their act together, Jordan running a good team will make the franchise worth even more. Blowing all that money on Rozier is a headscratcher.
you would think Jordan would have a good eye for talent and for players with the kind of drive he had.
franco12 wrote:you would think Jordan would have a good eye for talent and for players with the kind of drive he had.
Could be the very thing that made him not see things. Getting Kupchek for the long run was a good idea. So was letting Kemba walk.
They have a long road ahead of them.
Jordan keeps control of team and likely retires debt or cashes out a bit while the getting is good.
This is the guy that was awful running the wiz. I suspect he is a bit hands off with Kucpchek in place than the neophytes he had before.
Nalod wrote:franco12 wrote:you would think Jordan would have a good eye for talent and for players with the kind of drive he had.
Could be the very thing that made him not see things. Getting Kupchek for the long run was a good idea. So was letting Kemba walk.
They have a long road ahead of them.
Jordan keeps control of team and likely retires debt or cashes out a bit while the getting is good.
This is the guy that was awful running the wiz. I suspect he is a bit hands off with Kucpchek in place than the neophytes he had before.
Let's hope he takes a page out of Dolan's book. Rich Cho cam in highly regarded and was consistently ignored by Jordan.
BigDaddyG wrote:Nalod wrote:franco12 wrote:you would think Jordan would have a good eye for talent and for players with the kind of drive he had.
Could be the very thing that made him not see things. Getting Kupchek for the long run was a good idea. So was letting Kemba walk.
They have a long road ahead of them.
Jordan keeps control of team and likely retires debt or cashes out a bit while the getting is good.
This is the guy that was awful running the wiz. I suspect he is a bit hands off with Kucpchek in place than the neophytes he had before.
Let's hope he takes a page out of Dolan's book. Rich Cho cam in highly regarded and was consistently ignored by Jordan.
I understand when he drafted Kwame Brown, but to double down on Bismack Biyumbo was criminal!
I get what the Hornets were trying to do. it didn't work. He needed kupchek's cred and perhaps in the interview process the decision making authority was determined.
Nets GM did this when he signed on. Jordan wants to win.
