Based on Forbes’ most recent NBA valuation estimate, Michael Jordan has made a huge paper profit on his original purchase of the Charlotte Hornets.
If Forbes’ annual NBA franchise valuations are at all accurate, Charlotte Hornets majority owner Michael Jordan is on track to quadruple his investment since 2010.
Forbes estimates the Hornets are worth $1.05 billion in a story published this week. While that ranks only 28th among the 30 NBA franchises, it’s a 35 percent rise in the franchise’s value in 2017. Jordan owns the vast majority of the Hornets, after acquiring majority control from founding owner Bob Johnson of the then-Charlotte Bobcats in March 2010.
MORE ON THE “GOAT” OF BASKETBALL @Jumpman23, MICHAEL JORDAN:
Michael Jordan is many things to many people: the greatest basketball player of all time, a business and NBA team owner, and a golf enthusiast. And now those passions are about to intersect as Jordan builds his first golf course, dubbed Grove XXIII. The course will be built in Hobe Sound, Florida, which is just north of West Palm Beach, and it will reportedly open in 2019.
Bobby Weed is designing it, and he recently noted some of its uniqueness in a release.
(The course will be) routed with the south Florida trade winds in mind. The two nines wrap around each other while traversing the site in opposing directions. This dynamic layout ensures that golfers will feel the breeze from every quarter.
Weed describes the design process, and creating “a course for tomorrow, with a refined edge.” He added, “knowing the caliber of the membership and Michael’s passion for golf, we are designing a forward-thinking, progressive layout.”
Jordan, who is the majority (but not sole) investor, is apparently intimately involved with the project as the two move forward to make something special. According to Golfweek, MJ is making weekly visits.
Weed, who has never been shy to move ground to create playable space, says the near flat site is getting a lot of earthwork. He’s also impressed with the way Jordan has thrown himself into the project, including weekly onsite visits. Not all owner/developers are able to figure out what’s going on with bare ground. But his Airness is proving the exception, says Weed. “He can see it in the dirt.”
“Plus, you’re playing with MJ. It can’t get any better than that.”
Now they can do so on a course Jordan owns.
A BRIEF SYNOPSIS ON MR. M.J.:
Michael Jeffrey Jordan, “THE GOAT”, also known by his initials, MJ, is an American retired professional basketball player, businessman, and principal owner and chairman of the Charlotte Hornets of the National Basketball Association (NBA). Jordan played 15 seasons in the NBA for the Chicago Bulls and Washington Wizards. His biography on the NBA website states: “By acclamation, Michael Jordan is the greatest basketball player of all time.” Jordan was one of the most effectively marketed athletes of his generation and was considered instrumental in popularizing the NBA around the world in the 1980s and 1990s.