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 Sold The Hornets Because He's Going Broke?

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.

Former Nba Star Michael Jordan Owner Chairman Charlotte
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.