Michael Jordan only shelled out $30 million to buy Hornets franchise
Aside from arguably being the greatest basketball player of all time, Charlotte Hornets majority owner Michael Jordan also happens to be one savvy businessman.
According to Brian Windhorst of ESPN, the Chicago Bulls legend reportedly purchased the Charlotte Hornets franchise (back then it was the Charlotte Bobcats) in 2010 for nearly a tenth of its market value.
The result was a landmark deal that has matured into one of the great team purchases in recent history. Jordan got the Bobcats for a reported value of $275 million, but most of it was the assumption of debt. The NBA approved the purchase with Jordan putting up just $30 million in cash, according to the Charlotte Observer, an arrangement the league would almost certainly not approve today.
While this remains to be one of the biggest coups in league history, Jordan allegedly did get a lot of help from the association. It is said that at that point in time, the league was also highly invested in the five-time champion’s purchase of an NBA franchise. After all, he is one of, if not the biggest names in the sport and his involvement in the league post-retirement was something that would help boost the NBA’s overall value at one of its most bleak economical periods.
Per Forbes.com the Charlotte franchise is currently worth $1.25 billion. On paper, Jordan has now multiplied his initial investment by more than forty times over.
As it turns out, MJ might actually also have a case for being the GOAT when it comes to the business side of the sport.