How much are the Charlotte Hornets worth, and how do they compare with the other teams in the NBA?
The Charlotte Hornets, who are valued at $1.7 billion by Forbes, was ranked 26th out of the 30 teams in the NBA as of last October. In comparison, the Golden State Warriors top that list at $7.56 billion, followed by the New York Knicks and the Los Angeles Lakers at $6.58 billion and $6.44 billion respectively. However, the comparatively lesser net worth of the Hornets in comparison to the other teams in the NBA does have a reason for it.
The Hornets have never won a championship since they entered the NBA in 1988, and they have not won a playoff series since their debut as an expansion team called the Bobcats in 2004. For the people in Charlotte, the Hornets are currently a project for the future that their owner Michael Jordan was building but that seems to have changed of late.
Why are the Hornets in the news of late?
Michael Jordan, retired NBA legend and current owner of the Charlotte Hornets, is reportedly in discussions to sell the majority stake in the basketball franchise, as per ESPN.
Back in 2010, Jordan paid a reported $180 million for a minority stake in the Charlotte Bobcats. He eventually returned the Hornets name to the team and has been the majority stake owner of the franchise. In the span of 13 years, his stake has grown from what he paid to a reported $1.7 billion. And according to ESPN’s Adrian Wojnarowski, the NBA legend is currently in serious talks to sell his majority stake.
The potential buyer of his shares is a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. If it happens, Jordan will walk away with a little over $1.5 billion in his pocket and leave the team’s reconstruction to the new owners. However, Jordan is still expected to keep a minority stake in the Hornets if the deal goes through – but he will not be involved in the day-to-day operations anymore.
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