John Hope Bryant Says Michael Jordan Was Right To Sell The Charlotte #Hornets | Spolitics #NBA
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11 Comments
The club probably told him you gonna have to let this go. I don’t know why he would want to sell unless he was forced to
For profit.
Not all businesses are made to be sold. That's short-term thinking to keeps Black wealth from being perpetuated within families for as long as it can be.
The McCaskey family has owned the Chicago Bears since the team's inception in 1920. George Halas founded it originally, left it to his daughter when he died in 1983. She died earlier this year & ownership passed t George McCaskey, George Halas' grandson. THat's 3 generations of ownership in the same family. If your business is profitable, why sell it? Somebody told Jordan they wanted him to sell his majority stake in the Hornets. Look into who/what interest bought it & you may find the answer.
The charlotte hornets were bought using debt monetization. Which means the hornets were bankrupt and Jordan bought the hornets by purchasing the team by taking over the debt. Usually the loan used to make the deal happen us carried by the bank almost indefinitely. Until the biden administration came and destroyed the economics. The commercial loan had to get real. Then all commercial loans were margin called. Which means the hornets debt had to be paid in full no more extentions. MJ couldnt afford to pay off the debt in a fast time so he had to let it go.
How did the topic become about him 🤦🏾♂️ this dude
Jordan was tired of being the owner of a mediocre sports franchise…so he sold it.
For the many years he owned it it was not a successful franchise. He was pretty much bleeding money
Hope he didnt leave his DNA behind 😂
What did he get 3-5 billion for selling. I would have too
He made the right move
Michael Jordan's sale of his majority stake in the Charlotte Hornets for $3 billion yielded him a significant profit, estimated to be around $2.25 billion. He initially acquired the team for approximately $275 million in 2010.