Michael Jordan Bobcats Owner: Acquisition and Purchase Price
Michael Jordan became the majority owner of the Charlotte Bobcats in 2010 after purchasing a controlling stake from Robert Johnson. The acquisition price was approximately 275 million dollars, making Jordan the first former NBA player to become a majority owner of an NBA franchise source.
Before the purchase, Jordan had no ownership stake in the team. The deal was finalized after NBA owners approved the transaction in April 2010. The Bobcats were an expansion team that began play in the 2004-05 NBA season, and Jordan took over as managing member of the basketball operations source.
Charlotte Bobcats History and Rebranding to Hornets
The Charlotte Bobcats were established in 2004 and played under that name until 2014. During Jordan's tenure as owner, the team made the NBA playoffs only once, in the 2009-10 season, and did not win a conference title source.
In 2013, the NBA revoked the franchise rights of the original Charlotte Hornets, who had relocated to New Orleans in 2002. The Bobcats reclaimed the Hornets name and history for the 2014-15 season, while the New Orleans team retained its current identity source.
Michael Jordan Net Worth and Current NBA Ownership Status
As of the latest Forbes estimates, Michael Jordan's net worth is approximately 2.2 billion dollars, driven by his ownership stake in the Charlotte Hornets and his global brand licensing deals source.
Charlotte Hornets Valuation and Sale
Jordan sold his majority stake in the Charlotte Hornets in 2023 to a group led by Gabe Plotkin and Rick Schnall. The sale price was reported at approximately 3 billion dollars, valuing the franchise at a record level for the NBA source.
Jordan retained a minority ownership interest in the team after the sale. The transaction marked the end of his 13-year period as the controlling owner of the Charlotte franchise source.