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Hornets Worth 6.18X More At $1.7B Since Michael Jordan Investment

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James Foglio
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James Foglio Sports Editor

James is a Basketball Insiders contributor. He earned his bachelor's degree in English and Creative Writing from Southern New Hampshire University. James enjoys watching sports and helping gamblers win money.

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Sports Editor

Updated21 Mar 2023

Hornets Worth 6.18x More At $1.7M Since Michael Jordan Investment

In 2010, the Charlotte Hornets were valued at $275 million, and now the NBA franchise is worth approximately 6.18 times more since majority owner Michael Jordan invested in the team. Over the course of 13 years, the Hornets’ value has increased to $1.7 billion.

Michael Jordan bought the Hornets, which were then known as the Bobcats, for under $300 million, making them the fifth-lowest NBA team by value. Additionally, Charlotte has not appeared in the NBA playoffs since 2016 and has never won a championship.

According to a couple of NBA betting sites, the Hornets have no mathematical chance of qualifying for the playoffs this season. Check out which sportsbooks are showing favorable odds for the Chicago Bulls, Toronto Raptors, and Brooklyn Nets.

Leading into the 2022-23 season, the Hornets were the 26th most-valuable NBA team. While not impressive to investors, the Hornets are still worth more than the Oklahoma City Thunder ($1.75 billion), Minnesota Timberwolves ($1.69 billion), Memphis Grizzlies ($1.67 billion), and New Orleans Pelicans ($1.63 billion).

On June 15, 2006, Michael Jordan became a partial owner of the Charlotte Bobcats, becoming the team’s second-largest shareholder behind majority owner Robert L. Johnson. Jordan went on to serve as the Bobcats’ Managing Member of Basketball Operations.

Charlotte Hornets, valued at $275 million in 2010, are now 6.18 times more valuable ever since Michael Jordan invested in NBA team in 2010, worth $1.7 million in 2023

Jordan would have become a part-owner of the original Charlotte Hornets (1988–2002). However, owner George Shinn refused to grant the six-time NBA champ full control over team basketball operations. Instead, Jordan decided to wait it out.

On March 17, 2010, the NBA Board of Governors approved Jordan’s purchase from Johnson. The Chicago Bulls legend became the first former player to become the majority owner of an NBA franchise.

During a late-January interview on “The David Rubenstein Show: Peer-to-Peer Conversations,” Johnson revealed his regrets on selling his NBA franchise to Jordan. Although, the BET founder has no hard feelings towards Jordan for purchasing the Hornets. The two still remain friends.

“Definitely, the regrets,” Johnson said. “I’d tell Michael about that all the time… Michael was always my first choice to sell the team. He and I have been friends, you know, 10-15 years before I even owned the team. If I wanted to sell the team if I was forced to sell, it would be to Michael.”

Furthermore, while with the Washington Wizards as a player during the 1998-99 NBA lockout, Jordan had told then-owner Abe Pollin, “If you can’t make a profit, you should sell your team.” Well, the Hornets’ value increased over the years under Jordan’s ownership. Financially, everything was going smooth.

Nonetheless, success on the court was and still is nonexistent. Charlotte’s best season under Jordan was the 2015-16 season, when the Hornets finished 48-34 (.585) and qualified for the 2016 NBA Playoffs.

But Charlotte went on to lose in seven games of the first round against the Miami Heat. Since then, the Hornets have failed to return to the playoffs. Again, everything was great off the court. Jordan increased his ownership to 90% in 2013.

By 2015, Jordan officially became a billionaire. The NBA legend also became the first billionaire player in league history. As of March 2023, the Hall of Famer’s net worth is approximately $2 billion, according to Forbes. Now, the Hornets owner is interested in selling a majority stake of the franchise.

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