Days After Michael Jordan Bombshell Dropped on NBA World, Uncertainty Looms Over $1.7 Billion NBA Team, as Per Reports

Michael Jordan and his legacy in the NBA will forever remain unmatched for a multitude of reasons. However, the Chicago Bulls legend seemed to be leaving a smudge in his golden career after his Midas’ touch in basketball failed to translate in his stint as an NBA team owner. Jordan shocked the basketball fraternity after the news of him selling his majority stake in the Charlotte Hornets spread through the Internet. However, there seems to a late twist in the already convoluted plot.

According to earlier reports by ESPN, the Chicago Bulls legend was willing to sell off a majority stake in his NBA team, the Charlotte Hornets. Jordan acquired the majority stake in the team in 2010, for a whopping $275 Million. However, it seems like the story still has a chapter remaining.

The latest twist in the Michael Jordan – Gabe Plotkin saga

After over a decade of underwhelming performances and only a handful of playoff appearances, it appeared that His Airness could be uninterested in the team. The potential buyer was reported to be a pool of owners led by Gabe Plotkin and Richard Schnall.

If the name Plotkin rings a bell, it is because of his controversial status as a millionaire, after his company, Melvin Capital ended up on the wrong side of the stock market chaos in 2021, called the ‘GameStop short squeeze’. Moreover, Plotkin was sold a minority stake in the Hornets in 2019 by the Bulls legend himself.

However, the latest reports seem to squish the earlier ones as MJ’s management has come out with a recent statement to clear out any doubts.

“Four years ago, Michael Jordan sold a stake in the Charlotte Hornets to a Gabe Plotkin-led group,” said the statement from Jump Management. They added, “As a natural step in a process due to that transaction, Michael and Gabe are in discussions about his group potentially buying an additional stake. At this time, it is unclear whether an additional sale will take place.”

The statement is devoid of any clarity on what MJ and his management want to do with the Charlotte side, which is worth $1.7 Billion. It might be possible that Jordan has changed his mind and has a new plan in place. Or maybe Plotkin’s controversial business decisions a couple of years ago warrant a delay in the transaction.

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The $6.8 Billion chaos by Melvin Capital

Gabe Plotkin and his hedge fund, Melvin Capital, took a huge risk as they bet against the popular gamers’ haven GameStop. However, Internet sleuths from the popular Reddit community r/wallstreetbets discovered the heavy undervaluation of the company and rebelled against the various hedge funds by buying GameStop’s stocks.

Watch This Story: How much does Michael Jordan earn from the Hornets? ownership?

Following that, the stock prices of GameStop skyrocketed and Melvin Capital lost 53% of its investment, or $6.8 Billion. The activities of the hedge funds were heavily criticized and branded as ‘economic terrorism’ by many.