NBA VETERAN LOST MICHAEL JORDAN’S HORNETS TO TOM BENSON DUE TO $63 MILLION CONTRAST (kf)
via Reuters
The ownership of the Charlotte Hornets finally went to the Benson family for a stunning $338 million after former NBA All-Star Jamal Mashburn’s bid to buy them from Michael Jordan failed. Mashburn made a proposal of $275 million, which was a substantial offer, but the Bensons’ higher budget finally won over.
Michael Jordan bought the Charlotte Hornets for an estimated $175 million in 2010, and this marks the end of one chapter in his ownership of the team. Jordan supervised a phase of remodeling and raising the team’s worth throughout his time there. His ownership resulted in a profitable sale in 2023 that brought in an impressive $3 billion, representing an excellent return on investment.
There are conditions attached to the offering to the Benson family. $50 million of the revenue will go towards upgrading and renovating the Spectrum Centre, the home court of the Hornets. The agreement also contained guarantees that the team would remain in New Orleans, which some supporters had been upset about following the team’s 2002 shift from Charlotte.
Even though Mashburn was not effective in purchasing the Hornets this time, his effort to purchase his previous team serves as a reminder of the increasing number of former NBA players who are now taking on ownership responsibilities. Such a pattern signals a desire to continue playing the game, although from a new angle.
Michael Jordan’s business mindset and success
Jordan made a whopping $90 million throughout his NBA career, but his real wealth came from sponsorship deals. The most prominent alliance was formed with Nike in 1984. Nike gambled at the time with the “Air Jordan” brand, which has now become a cultural phenomenon with over $36 billion in revenue by 2020. Jordan has reportedly made an incredible $1.8 billion from Nike alone, according to Forbes. This profitable collaboration is a prime example of both Jordan’s exceptional marketability and the influence of celebrity endorsement.
