The Charlotte Hornets have struggled to achieve on-court success under the Hall of Famer. But in business terms, his achievements are nothing but net
It used to be that only the truly exceptional were called “the Michael Jordan of” their particular arena: of acting (Viola Davis), of fibbing (George Santos), of the Democratic party (Barack Obama). “They know what you’re talking about,” Obama said before bestowing the Chicago Bulls legend with the Presidential Medal of Freedom, “because Michael Jordan is the Michael Jordan of greatness.” And now he’s poised to win another title: the Michael Jordan of dealmakers.
Last week came news that the six-time NBA champion was in serious talks about selling a portion of his majority stake in the Charlotte Hornets. This comes four years after he sold a slice of the franchise to a group led by the venture capitalist Gabe Plotkin – the Michael Jordan of short-selling, according to some. It’s unclear whether Jordan is trying to bring in investment, or whether he wants to cash out of the league entirely. In the latter case, his take would be an 80% slice of a pie valued at more than $1bn. As investments go, it’s nothing but net.