Michael Jordan

Michael Jordan Sells Majority Stake in the Charlotte Hornets for $3 Billion

On August 3, basketball legend Michael Jordan finalized the sale of his majority ownership in the Charlotte Hornets for an estimated $3 billion. This marks a significant return on investment for Jordan, who purchased the team in 2010 for $275 million. Despite the team only making three playoff appearances during his tenure as owner, Jordan expressed optimism for the future. “I’m excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead,” he said, retaining a minority stake in the franchise.

Who Is Michael Jordan?

Michael Jordan, widely regarded as one of the greatest basketball players of all time, is a former professional athlete, businessman, and actor. During his illustrious career, Jordan led the Chicago Bulls to six NBA championships and earned five NBA MVP awards. His contributions to the sport have made him one of the most celebrated figures in basketball history, with a legacy that includes five regular-season MVPs and three All-Star MVP awards.

Early Life and Family

Michael Jeffrey Jordan was born on February 17, 1963, in Brooklyn, New York, to Deloris and James Jordan. His mother worked as a bank teller and later became a successful author, while his father, a maintenance worker, rose to the position of manager at General Electric. Jordan was the fourth of five children, with siblings James Jr. (Ronnie), Deloris, Larry, and Roslyn. Raised in Wilmington, North Carolina, Jordan developed a competitive spirit early on, largely influenced by his father, who introduced him to baseball and built a basketball court in their backyard. Michael idolized his brother Larry, and the two would often engage in intense one-on-one basketball games, fueling his desire to win.

Jordan attended Emsley A. Laney High School in Wilmington. As a sophomore, he was placed on the junior varsity basketball team, a decision that motivated him to improve. By the end of his high school career, Jordan had become one of the top basketball recruits in the country.

During a basketball camp in 1980, Jordan caught the attention of Dean Smith, the legendary head coach of the University of North Carolina at Chapel Hill. In 1981, he signed a letter of intent to join the Tar Heels, setting the stage for a remarkable collegiate and professional career.

College Career

Jordan enrolled at the University of North Carolina in 1981 and quickly became an integral part of the basketball team. In 1982, he played a pivotal role in UNC’s NCAA Division I championship victory, scoring the game-winning shot in the final moments against Georgetown. His outstanding performances earned him the NCAA College Player of the Year award in 1983 and 1984.

After his junior year, Jordan left college to pursue a professional career in the NBA, but he later returned to complete his degree in geography in 1986.

Professional Basketball Career

Standing at 6 feet 6 inches, Michael Jordan was drafted by the Chicago Bulls as the third overall pick in the 1984 NBA Draft. He joined a draft class that included future Hall of Famers Hakeem Olajuwon, John Stockton, and Charles Barkley. Jordan made an immediate impact, helping the Bulls reach the playoffs and averaging 28.2 points per game in his rookie season. He was named NBA Rookie of the Year and selected for the All-Star Game.

Despite suffering an injury in his second season, Jordan’s performance in the 1986-87 season was extraordinary. He became the first player since Wilt Chamberlain to score over 3,000 points in a single season. By the late 1980s, Jordan had established himself as a dominant force in the NBA, helping the Bulls become a formidable team.

In 1991, Jordan led the Bulls to their first NBA championship by defeating the Los Angeles Lakers. This victory marked the beginning of the Bulls’ dynasty, as they won two more consecutive championships in 1992 and 1993. Jordan’s leadership, athleticism, and ability to perform under pressure earned him widespread recognition.

After the tragic murder of his father in 1993, Jordan briefly retired from basketball and pursued a career in minor league baseball. However, he returned to the NBA in March 1995, rejoining the Bulls. In the 1995-96 season, Jordan led the Bulls to an NBA-record 72 regular-season wins and another championship, defeating the Seattle SuperSonics.

The Bulls followed up with 69 wins in the 1996-97 season, culminating in a championship victory over the Utah Jazz. In 1998, Jordan secured his sixth and final NBA title by making a game-winning shot in Game 6 of the Finals against the Jazz. Alongside his six championships, Jordan won five NBA MVP awards during his time with the Bulls.

After his second retirement in 1999, Jordan joined the Washington Wizards in 2000 as part owner and president of basketball operations. He briefly returned to the court, playing two seasons for the Wizards before retiring for the final time in 2003. Jordan’s legendary career solidified his status as one of the greatest basketball players of all time.

Michael Jordan’s Jersey Numbers

Michael Jordan is most recognized for wearing No. 23 throughout the majority of his illustrious career. The number held personal significance for Jordan, as it was roughly half of his older brother Larry’s high school number, 45. Jordan viewed this as a tribute to Larry, who had been a significant influence on his life.

Upon returning to the NBA in 1995 after his first retirement, Jordan initially wore No. 45. He chose this number because it was the one his late father had last seen him wear, symbolizing a fresh start. However, after just a few months, he switched back to his iconic No. 23 during the 1995 playoffs.

Another famous jersey moment occurred on February 14, 1990, when Jordan wore No. 12 for a single game. His original No. 23 jersey was stolen, and the Chicago Bulls did not have a backup available. Despite the unexpected change, Jordan still delivered a stellar performance, scoring 49 points in a game against the Orlando Magic.

Olympic Success

Jordan’s Olympic career began in 1984, when he played for the U.S. men’s basketball team, comprised entirely of amateur college players. That summer, the team won the gold medal at the Los Angeles Games. Eight years later, Jordan returned to the Olympics in Barcelona for the 1992 Games as part of the legendary “Dream Team.” This squad, featuring professional NBA stars like Larry Bird, Magic Johnson, and Jordan himself, dominated the competition and secured another gold medal for the U.S.

Awards and Honors

Jordan received his first NBA MVP Award in 1988, an achievement he would repeat four more times in 1991, 1992, 1996, and 1998. His contributions to basketball were further acknowledged in 2009 when he was inducted into the Naismith Memorial Basketball Hall of Fame, one of the sport’s highest honors. Although the induction was a proud moment, Jordan noted the bittersweet nature of the occasion, as it marked the official end of his basketball career.

In 2016, Jordan was awarded the Presidential Medal of Freedom by President Barack Obama, the highest civilian honor in the United States, recognizing his impact both on and off the court.

Career Statistics

Jordan’s career statistics reflect his dominance in the NBA. According to Basketball Reference, his career averages include:

• Minutes per game: 38.3
• Field Goal Percentage: 49.7%
• 3-Point Field Goal Percentage: 32.7%
• Free Throw Percentage: 83.5%
• Points per game: 30.1
• Rebounds per game: 6.2
• Assists per game: 5.3
• Steals per game: 2.3

Over the course of his career, Jordan played 1,072 games, scoring a total of 32,292 points, grabbing 6,672 rebounds, and making 5,633 assists. His impact was felt on both ends of the court, with 2,514 steals and 893 blocks to his name.

Retirements from Basketball

Jordan retired from basketball three times during his 19-year professional career. His first retirement came on October 6, 1993, following the tragic murder of his father, James Jordan, earlier that year. Stricken by grief, Jordan stepped away from basketball to pursue a brief career in baseball, a sport his father had always dreamed he would play.

Jordan returned to the NBA in 1995, only to retire again on January 13, 1999, after leading the Chicago Bulls to six NBA championships. However, the call of the court proved too strong, and in 2001, he returned for a final stint with the Washington Wizards. Jordan played his last NBA game on April 16, 2003, officially retiring at age 40.

Jordan’s legacy, both for his on-court success and his off-court contributions, remains one of the most impactful in sports history.

Michael Jordan’s Foray into Baseball

In a surprising turn of events, Michael Jordan announced his retirement from basketball after the 1992-93 NBA season to pursue a career in baseball. This decision, made in 1994, led Jordan to play for the Birmingham Barons, a minor league affiliate of the Chicago White Sox, as an outfielder.

The timing of Jordan’s transition followed the tragic murder of his father, who had always dreamed of seeing his son play baseball. Jordan had last played the sport in 1981 during his high school years.

Determined to prove his doubters wrong, Jordan remarked, “You tell me I can’t do something, and I’m going to do it.”

While his baseball career was short-lived and less than stellar with a .202 batting average, those who worked with Jordan commended his dedication. Former Barons manager Terry Francona praised his work ethic and potential, stating, “With another 1,000 at-bats, he would’ve made it. But more importantly, I believe he rediscovered his joy for competition, which reignited his passion for basketball.”

Jordan briefly played for the Scottsdale Scorpions in the Arizona Fall League before returning to the NBA in March 1995 with a simple two-word press release: “I’m back.”

Business Ventures and Endorsements

Beyond his illustrious basketball career, Jordan has found immense success in business, notably through his long-term partnership with Nike. After signing with the company in 1984, Nike launched the now-iconic Air Jordan sneakers in 1985. Jordan’s initial deal included a generous 25% royalty on sales, and the Air Jordan brand continues to be a major revenue driver for both Jordan and Nike, generating nearly $2.9 billion in revenue in 2018.

Jordan’s relationship with Nike was highlighted in the 2023 biographical film Air, which stars Ben Affleck and Matt Damon. Over the years, Jordan has also endorsed several major brands, including Gatorade, Hanes, Coca-Cola, and Chevrolet. His memorable Gatorade campaign, “Be Like Mike,” remains iconic.

In 1998, Jordan ventured into the restaurant business, launching Michael Jordan’s The Steak House N.Y.C. in Grand Central Terminal. Although the flagship location closed in 2018, there are still four locations in operation as of 2023.

Ownership of the Charlotte Hornets

Jordan’s involvement with the Charlotte Hornets began in 2006 when he purchased a minority stake in the team, eventually becoming the majority owner in 2010. Despite the team’s struggles on the court, Jordan’s leadership saw the franchise grow from a $175 million valuation in 2006 to $1.7 billion by 2022.

In 2023, Jordan sold his majority stake to a group led by NBA minority owners, retaining a minority interest in the team.

NASCAR Team Owner

Jordan further diversified his portfolio by entering the world of NASCAR in 2020. Teaming up with driver Denny Hamlin, Jordan co-founded the 23XI Racing team, named after his iconic jersey number and Hamlin’s No. 11 car. The team found early success with Bubba Wallace, who secured the team’s first NASCAR Cup victory in 2021. By 2023, the team had expanded and celebrated additional wins with drivers Kurt Busch and Tyler Reddick.

Net Worth and Charitable Work

As of April 2023, Forbes listed Jordan’s net worth at $2 billion, making him the highest-paid athlete of all time, according to Sportico.

Jordan is also known for his charitable efforts. From 2001 to 2014, he hosted the Michael Jordan Celebrity Invitational golf tournament, benefiting organizations like Make-A-Wish and the James R. Jordan Foundation. In 2023, Jordan made a record $10 million donation to Make-A-Wish in honor of his 60th birthday.

Personal Life

Jordan married Juanita Vanoy in 1989, and the couple had three children together: Jeffrey, Marcus, and Jasmine. The couple divorced in 2006. In 2013, Jordan married Yvette Prieto, with whom he has twin daughters, Victoria and Ysabel.

Both of Jordan’s sons, Jeffrey and Marcus, pursued basketball careers but ultimately chose different paths outside of professional sports.

Pop Culture Icon

Jordan’s influence extends beyond the basketball court. He starred in the 1996 film Space Jam and was the subject of the 2020 documentary The Last Dance, which captivated audiences during the COVID-19 pandemic. Jordan has also appeared on the cover of the popular NBA 2K video game series multiple times, cementing his status as a cultural icon.