Michael Jordan is officially $3,000,000,000 richer as Charlotte Hornets sale gets finalized

In June 2023, Michael Jordan sold majority ownership of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. The team released an announcement that following the sale, "His Airness" would remain a minority stakeholder.

Adrian Wojnarowski recently reported that the deal worth $3 billion had been approved.

"Michael Jordan’s sale of a majority stake in the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin is completed, team says. NBA Board of Governors recently approved the new ownership group, sources said."

The six-time NBA champ brought the franchise in 2010 for a reported $275 million.

Plotkin had a minority stake with the Buzz City team since 2019. Schnall, meanwhile, has had the same role in the Atlanta Hawks franchise since 2015. He is reportedly in the process of selling his minority ownership with the Hawks.

Charlotte had a 423-600 record during Michael Jordan's tenure, which is in the bottom five in the NBA in that span. Jordan's decision to buy the Hornets was greeted with a lot of excitement and fanfare. "His Airness," after all, comes from Wilmington, North Carolina and went to Chapel Hill to play college ball.

Jordan's stint as the majority owner of the Hornets, however, did not end up as well as many had hoped. As successful as he was as a player with the Chicago Bulls, he couldn't replicate those glory years in Charlotte.

Still, the five-time MVP made one last big decision that could play a big role in the Hornets' future. The team drafted Brandon Miller over Scoot Henderson earlier this year. It remains to be seen if it was the correct move.

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Michael Jordan was more miss than hit when it came to drafting for the Charlotte Hornets

Michael Jordan wanted to bring the Charlotte franchise back to relevance. The Hornets had struggled to make it to the playoffs before Jordan took over. They only made it thrice to the postseason from 2000 until Jordan's reign as majority owner.

The hope was by building through the draft, Jordan could help pull the franchise and the fan base together. That didn't happen.

Michael Kidd-Gilchrist, Cody Zeller, Noah Vonleh, Frank Kaminsky, Malik Monk and James Bouknight were lottery picks that failed to flourish. Hindsight is 20/20 but most scouts believed that several of their picks were never going to succeed.

There have been a few positives in the shape of Kemba Walker and LaMelo Ball. Brandon Miller may turn out to be a hit as well.

Overall though, the Hornets may have been in a better place had they been able to build well through the draft.