Team Deal: Jordan announces the sale of the Hornets stake, ending a 13-year career as a big owner
A blockbuster deal marked the NBA's plate. After long negotiations, Hornets big owner Michael Jordan officially announced that he had reached an equity agreement with the acquirer. This shocking decision has sparked widespread attention and speculation and represents the beginning of a new chapter for Jordan, the Hornets, and the entire NBA league.
Looking back at the cause and effect of this transaction, we find that Jordan's decision was not just sudden. In his 13-year career as a big owner, Jordan has worked hard to lead the Hornets to success with countless sweat and enthusiasm. However, during this long journey, he has also faced many challenges and difficulties. The Hornets didn't go the way he had hoped, with an overall record of 423-600, a 41.3 percent win rate, the fifth-worst NBA team in the same period. There's no denying that these years of results have put Jordan under pressure.
Jordan's competitive spirit and ambition have driven him to always aim higher. However, he did not achieve satisfactory results in terms of selection and management. In the 2006 draft, Adam Morrison became a scout, but did not live up to expectations. In 2012, Jordan drafted McGigie with the top pick, and after his selection, there were superstars like Beal and Lillard who stood out. These missteps became a regret for Jordan at the helm of the Hornets.
However, in this one deal, Jordan finally saw the possibility of a turnaround. Jordan sold a majority stake to a group led by Gabe Plotkin and Rick Schnarr, meaning Jordan would gradually step out of the Hornets management and become a minority shareholder. The deal was valued at a whopping $3 billion, far exceeding Forbes' valuation of the Hornets in 2022, and it was undoubtedly a successful cashout.
At the same time, another bright spot in the transaction was the composition of the group. Instead of choosing a single acquirer, Jordan chose a group that included Plotkin, Schnar, and rapper J. Cole。 This diverse team will inject new energy and ideas into the Hornets and hopefully propel the team to new heights.
Against the backdrop of the team's poor record, Jordan's departure triggered a series of thoughts. He was a legendary player and the only black big owner. The impact of this deal is not limited to the court, but also reflects the current situation and future direction of the NBA league to some extent. In recent years, NBA team valuations have continued to climb, with deals beating expectations. The Rockets, Jazz and Timberwolves swapped deals, and the Hornets set a record valuation for the $3 billion deal.
Jordan's departure is not only a personal decision, but also a turning point in the times. Under his management, the Hornets have experienced ups and downs, but regardless of the results, he has always kept the Hornets in mind. Today, Jordan's focus has gradually shifted from basketball to racing, and he has participated in NASCAR events many times, showing a strong interest in new areas.
Overall, Jordan's announcement of the sale of the Hornets stake meant the end of one era and the beginning of another. This is not just a basketball deal, but a microcosm of the development and business operations of the sports world. Whether Jordan's decision is good or bad for the NBA league will be a topic of discussion in the future. This announcement is destined to make waves in the sports world.