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Michael Jordan is a former professional basketball player who played 15 seasons in the NBA, winning six NBA championships with the Chicago Bulls. Jordan is currently a minority owner of the Charlotte Hornets of the NBA. He purchased the franchise in 2010 for $275 million when it was known as the Charlotte Bobcats. In August 2023, Jordan sold his majority stake in the Hornets to a group of investors led by Gabe Plotkin and Rick Schnall for approximately $3 billion.
| Characteristics | Values |
|---|---|
| Name of the basketball team owned by Michael Jordan | Charlotte Hornets |
| Former name of the team | Charlotte Bobcats |
| Year of purchase | 2010 |
| Price of purchase | $275 million |
| Year of sale | 2023 |
| Sale price | $3 billion |
| Michael Jordan's current ownership status | Minority owner |
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What You'll Learn
Michael Jordan sold the Charlotte Hornets in 2023 for $3 billion
Michael Jordan, the former American basketball player, sold the Charlotte Hornets in 2023 for $3 billion. Jordan sold his majority stake in the Hornets to a group of investors led by Gabe Plotkin and Rick Schnall. Jordan had purchased the franchise in 2010 for $275 million when it was known as the Charlotte Bobcats. During his ownership, Jordan brought stability to the Hornets franchise, achieved several business milestones, and reconnected and reinvested in the Charlotte community.
Jordan's tenure as owner of the Hornets produced mixed results. In 13 seasons under his leadership, the team made only three playoff appearances and did not win a single series. However, one of the memorable accomplishments during the Jordan era was reclaiming the Hornets' name and original franchise records and history.
Jordan initially bought a minority stake in the team in 2006 and became its general manager. In 2010, he purchased a controlling interest in the team and became the first former NBA player to become a majority owner of a league franchise. Jordan stepped down from his role as chairman of the Hornets in 2023 but retained a minority share in the team.
Aside from his involvement with the Hornets, Jordan has had other sports team ownership experiences. He had a brief ownership stake in the Washington Wizards from 2000 to 2001 and co-owns a NASCAR Cup team, 23XI Racing. Jordan is also known for his successful basketball career, playing 15 seasons in the NBA and winning six NBA championships with the Chicago Bulls.
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He bought the team in 2010 for $275 million
Michael Jordan, the iconic basketball player, bought the Charlotte Hornets in 2010 for $275 million when the team was known as the Charlotte Bobcats. Jordan's purchase made him the first former NBA player to become the majority owner of one of the league's franchises. Jordan's 13-year ownership of the Hornets ended in 2023 when he sold the team to a group led by Rick Schnall and Gabe Plotkin for approximately $3 billion.
Jordan's tenure as the Hornets' owner produced mixed results. In 13 seasons under his leadership, the team made only three playoff appearances and did not win a single series. However, one of the notable accomplishments during the Jordan era was reclaiming the Hornets' name and original franchise records and history.
Jordan's involvement with the Hornets dates back to 2006 when he purchased a minority stake in the team and became its general manager. During his early years as a minority owner, the team showed some improvement, posting a playoff-hopeful record of 22-33 in February 2007. However, the team went through a slump, dropping their record to 22-41 by early March 2007. Despite the ups and downs, Jordan continued to play an active role in the team's management, and in 2010, he acquired a majority interest in the Hornets.
Jordan's ownership of the Hornets extended beyond the basketball court. He was committed to reconnecting and reinvesting in the Charlotte community. Additionally, Jordan's influence as a legendary basketball player attracted attention to the team. The Hornets' uniforms bore a close resemblance to the Dallas Mavericks uniforms, and the addition of Carolina blue was seen as a way to connect with Jordan's collegiate roots. The team also wore black-sleeved alternate uniforms featuring their "Buzz City" nickname, and Jordan's own brand, Air Jordan, endorsed the Hornets' outfits.
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Jordan was the first former NBA player to own a franchise
Michael Jordan, the iconic basketball superstar, is a former professional basketball player who played 15 seasons in the NBA between 1984 and 2003. He is currently a minority owner of the Charlotte Hornets of the NBA. Jordan was the first former NBA player to own a franchise when he bought a controlling interest in the Hornets in 2010. The team was then known as the Charlotte Bobcats, and Jordan purchased the franchise for $275 million.
Jordan's tenure as owner of the Hornets had mixed results. The team made only three playoff appearances in 13 seasons and did not win a single series. However, one of the memorable accomplishments during his ownership was reclaiming the Hornets' name and original franchise records and history. Jordan also brought stability to the franchise, achieved many business milestones, and reconnected and reinvested in the Charlotte community.
In August 2023, Jordan sold his majority stake in the Hornets to a group of investors led by Gabe Plotkin and Rick Schnall for approximately $3 billion. He retained a minority share in the ownership of the team and expressed excitement about the team's future, stating that he would continue to support the organization and the community in his new role.
In addition to his ownership of the Hornets, Jordan has also been involved with other sports teams. He had a previous ownership stake in the Washington Wizards from 2000 to 2001 and was the co-owner of a NASCAR Cup team, 23XI Racing, which he co-owns.
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He was a minority owner and general manager of the Hornets
Michael Jordan, the iconic basketball player, became a minority owner of the Charlotte Hornets in 2006. The Hornets were known as the Bobcats at the time of Jordan's purchase. As part of the deal, he also became the head of basketball operations and general manager of the team.
Jordan's appointment as general manager of the Hornets was not his first experience in a managerial role. In 2000, he purchased a share of the Washington Wizards and was appointed president of basketball operations. However, he stepped down from this role in 2001, renouncing his ownership stake to play for the team.
Jordan's tenure as owner and general manager of the Hornets produced mixed results. In 13 seasons under his leadership, the team made only three playoff appearances and did not win a single series. However, one of the notable accomplishments during his era was reclaiming the Hornets' name and original franchise records and history.
In August 2023, Jordan sold his majority stake in the Hornets to a group of investors led by Gabe Plotkin and Rick Schnall. He retained a minority share in the team, stating that he was thrilled to pass the reins to two successful and innovative leaders. Jordan's overall net worth as of 2025 is estimated at $3.8 billion, making him one of the richest celebrities.
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Jordan co-owns a NASCAR Cup team
Michael Jordan, the former American professional basketball player, currently co-owns a NASCAR Cup team called 23XI Racing. The team name is a combination of the number 23, which Jordan wore for most of his NBA career, and the number 11, which Jordan's co-owner and three-time Daytona 500 winner Denny Hamlin has driven his entire Cup series career. The team was founded in 2020 and began competing in 2021, with Bubba Wallace as their first official driver. They field three full-time entries: the No. 23 Toyota Camry for Bubba Wallace, the No. 35 Camry for Riley Herbst, and the No. 45 Camry for Tyler Reddick. In addition to these three full-time entries, they also field the No. 67 Camry part-time for Corey Heim.
Jordan's involvement in NASCAR is an extension of his interest in motorsports. He has owned Michael Jordan Motorsports, a professional motorcycle road racing team, since 2004. The team competed with two Suzukis in the premier Superbike championship sanctioned by the American Motorcyclist Association (AMA) until 2013. Jordan's passion for racing and desire to be involved in NASCAR is likely what motivated him to co-own a team in the sport.
As a basketball player, Jordan played 15 seasons in the NBA between 1984 and 2003, winning six NBA championships with the Chicago Bulls. He is widely considered one of the greatest players of all time and was integral in popularizing the NBA worldwide. After his playing career, Jordan became the owner of the Charlotte Hornets, purchasing the team in 2010 when it was known as the Charlotte Bobcats. In August 2023, Jordan sold his majority stake in the Hornets but retained a minority share in the team.
Jordan's involvement with 23XI Racing showcases his continued interest in motorsports and his desire to be involved in competitive racing. The team has already achieved some success, with Bubba Wallace making the playoffs for the first time in his career during the 2023 season.
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Frequently asked questions
Michael Jordan owned the Charlotte Hornets.
Jordan bought the Charlotte Hornets in 2010.
The Charlotte Hornets was known as the Charlotte Bobcats when Jordan bought it.
Jordan initially bought a minority stake in the Charlotte Hornets. He later bought a majority stake in the team in 2010.
Jordan sold his majority stake in the Charlotte Hornets in 2023.
