Say it ain’t so, Michael Jordan is struggling financially?
There is a theory being circulated as to why Michael Jordan is selling his majority stake in the Charlotte Hornets, and it appears to be credible.
Although purchasing the NBA franchise was a profitable move, with a potential $3 billion payout from the sale, the “Rico Knows” YouTube channel is suggesting that Jordan’s recent poor investments have forced him to sell the team.
In particular, the channel explains how Jordan lost $500 million in the GameStop saga, which has created financial difficulties for the six-time NBA champion. Jordan has partnered with Gabe Plotkin, a minority shareholder who lost nearly $7 billion in the investment, and he is the person to whom MJ is selling his stake in the Hornets.
Watch the theory below:
This theory fits well with the circumstances, and it makes sense given the buyer’s identity.
Despite his investments and earnings from the Jordan Brand with Nike, Jordan’s financial woes seem to have pushed him into this decision.
Besides, his ownership history has left much to be desired, with the Hornets making the playoffs only three times since he became the majority shareholder in 2010.
But you know MJ is just chilling in his infinity pool laughing this rumor off.