Michael Jordan has written an emotional open letter to Charlotte Hornets followers after promoting his majority stake within the group for $3 billion.
Jordan, 60, stated it’s time for him to deal with different pursuits in his life, however insists his love of basketball stays undiminished.
“Now is the right time for me to hand over the reins and focus on my family, my personal interests and some new challenges,” stated Jordan. “I am excited to see what the future holds, and look forward to supporting the team and community in my new role for many years to come.
“This is a thank you, not a goodbye, because the state of North Carolina, the city of Charlotte and the Hornets will always hold a special place in my heart.”
The Basketball Hall of Famer retains a minority curiosity within the group, whereas former minority proprietor Gabe Plotkin joins Rick Schnall on the high of the membership’s new possession hierarchy.
Michael Jordan has addressed Charlotte Hornets followers after promoting the group for $3 billion
Jordan, 60, spoke of his pleasure in proudly owning the Hornets for 13 years
The sale ends Jordan’s 13-year run as majority proprietor and leaves the NBA with out African-American group governors.
“Thirteen years ago I had the honor of becoming the majority owner of the Charlotte Hornets. The opportunity to own the NBA franchise in my home state and a city I love was truly a dream come true,” Jordan wrote.
“With Gabe Plotkin and Rick Schnall, and their ownership group, now taking majority ownership of the team and me moving to a minority shareholding position, I want to thank the Hornets fans for all the love and dedication you have shown. the franchise and for me over the years.
“We’ve had some unforgettable moments together, but also some challenging ones, but through it all you’ve remained committed to us.
“While we weren’t as successful on the track as I – and many of you – would have liked, I am proud of the things we have achieved as an organization.
“I will never forget the excitement as we returned the Hornets name to its rightful home in Charlotte, uniting the history and fan bases of both the original Hornets and the Bobcats.
“Our fans told us how important this was, and the amazing level of support and enthusiasm proved their point.”
The Hornets are presently valued at $1.7 billion by Forbes – twenty seventh amongst NBA groups, and an enchancment of $1.3 billion over the previous decade.
Jordan now will get a minority stake within the group, however steps down as foremost proprietor
But the success Jordan loved with greater than six NBA championships and 5 MVP honors has not translated into success as an proprietor. Charlotte has been one of many worst performing groups within the league throughout his time in cost.
Aside from the title change from the Bobcats to the Hornets in 2015, Jordan’s tenure as Hornets proprietor has been something however memorable.
Charlotte has loved simply three profitable seasons and simply two playoff berths since Jordan turned a majority proprietor.
“Together, we’ve made our community proud, creating countless unforgettable memories for families and friends who cheered us on and helped those in need,” Jordan stated.
“This is a thank you, not a goodbye, because the state of North Carolina, the city of Charlotte and the Hornets will always hold a special place in my heart.”