Michael Jordan's Billion-Dollar Payday: Implications for the NBA
TL;DR Summary
Michael Jordan has agreed to sell his majority stake in the NBA team, the Charlotte Hornets, to a group led by financiers Gabe Plotkin and Rick Schnall. The team is valued at $3 billion, more than 10 times the sum Jordan paid in 2010. Jordan could pocket a billion-dollar windfall from the sale, which is likely to be considerably more than the $275 million he spent for the majority stake. Jordan will still be in charge of basketball operations for Thursday's NBA draft and for the beginning of free agency on July 1, per ESPN.
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