In Toronto, Ontario, on February 14, 2016, NBA legend and Charlotte Hornets owner Michael Jordan was captured exiting the court during the NBA All-Star Game 2016 at the Air Canada Centre.
Michael Jordan is poised for a lucrative windfall as he nears the completion of a transaction that will result in him divesting ownership of the Charlotte Hornets. The iconic former Chicago Bulls player is selling his controlling interest in the franchise for a rumored $3 billion, paving the way for minority owners Gabe Plotkin and Rick Schnall to assume control.
There are now widespread rumors claiming that the GOAT is broke as a result of the losses he made on the ill-advised Gamestop short move but, according to sports business journalist Joe Pompliano, they are unfounded.
The greatest player in NBA history is….broke?
https://t.co/6D4wXIo6f4— TPS (@TotalProSports) June 19, 2023
Pompliano also points out that no one would ever lose the sum being thrown about on a single short position in the market.
“The numbers make no sense, and it’s pure speculation based on Forbes lowering his net worth by $500M during the pandemic,” the journo wrote in response to a thread explaining how MJ is selling the team because he lost it all.
“There are no reputable sources, and no one would ever lose that much on a single short position lol.”
Last week, Pompliano explained how His Airness is about to make $3 billion after only forking out $25 million when he purchased the majority share in the team.
Previous owner Robert Johnson agreed to sell the franchise to Jordan at a discounted $275 million but the latter only had to put $25 million down in cash on a $170 million equity evaluation as the remaining $105 million was mostly made up of business debt.
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