Michael Jordan's purchase of the Charlotte Hornets is paying off, per Forbes
Michael Jordan is making a good chunk of change off being the owner of the Charlotte Hornets.
The club is going through its fourth straight losing season this year, but Jordan is winning big with them at the bank.
According to Forbes, a national business magazine, the Hornets are now worth $1.5 billion, which is a 20 percent increase from what they were worth a year ago. Percentage wise, the Hornets made the fourth biggest year-over-year valuation increase, behind the Raptors, 76ers and Warriors.
In 2018-19, the Hornets generated $39 million in operating income off a total revenue of $240 million.
Jordan seized control of the Hornets in 2010 from Bob Johnson by paying about $180 million in cash and assuming his debt. Under Jordan, the team has just three playoff appearances, but its value has soared.
This past September, Jordan sold a 20 percent stake of the Hornets to two New York based investors, Gabe Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital. Jordan is still the majority owner of the team. Based on the $1.5 billion valuation, Jordan made about $300 million off that deal, almost double what he paid Johnson for the team.
According to Forbes, the Hornets are the 25th most valuable franchise in the NBA.