After $3 Billion Hornets Sale, Billionaire Michael Jordan Invests in $100 Million Sports Fund

“Winning isn’t always championships,” said Michael Jordan once. And the Windy City legend has always proved his saying by winning off the court. While the 6x NBA champion revolutionized basketball with his unmatched talent, Jordan’s business acumen has cemented him as one of the most successful athlete-entrepreneurs in history. From his groundbreaking Nike partnership, which birthed the iconic Air Jordan brand, to his equity stake in the Charlotte Hornets, Jordan has consistently proven his ability to turn ventures into victories. Now the Chicago Bulls legend has stunned the basketball community with his latest investment.
In a recent X post by Sportico’s Eben Novy-Williams, it was revealed that the NBA champion has now $100 million in the fourth fund of Courtside Ventures, a firm dedicated to sports and lifestyle startups. “NEWS: Michael Jordan has invested in Courtside Ventures’ latest round. The VC firm is looking to raise $100M in its fourth fund, per SEC documents,” read the caption of the post.
This latest move reaffirms Jordan’s role as a visionary investor in the sports industry. Courtside Ventures, co-founded in 2016, specializes in early-stage investments in companies at the intersection of sports, media, fitness, and technology. Its portfolio includes breakout names like 100 Thieves, the esports and gaming lifestyle brand, and Freeletics, a leading fitness app. By joining the fund, Jordan positions himself alongside other prominent investors to shape the future of sports innovation.
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The timing of Jordan’s $100 million investment is significant. His decision comes just a year after relinquishing his control over the Charlotte Hornets, a team he initially acquired in 2010 for $275 million. While the Hornets struggled on the court, their off-court valuation skyrocketed under Jordan’s leadership, showcasing his knack for capitalizing on the business side of sports. The ownership of the team was handed over to a group led by Gabe Plotkin and Rick Schnall for $3 billion, which ultimately made him a $2.25 billion profit.
Jordan’s investment also underscores a broader trend of high-profile athletes diversifying their portfolios through venture capital. Stars like Kevin Durant and LeBron James have similarly turned their fame and fortune into successful investment vehicles. For Jordan, however, this is less a new chapter. His business ventures include a controlling interest in NASCAR’s 23XI Racing team and a majority stake in his billion-dollar Jordan Brand empire that makes an annual revenue of $7 billion.
In an era where sports and technology are reshaping the global landscape, Jordan’s $100 million bet on Courtside Ventures signals his enduring commitment to innovation. However, did you know the reason why His Airness sold the Charlotte Hornets?
The reason why Michael Jordan sold the Charlotte Hornets
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Michael Jordan’s tenure as the majority owner of the Charlotte Hornets was a journey marked by highs and lows. As mentioned before, the Bulls legend acquired the team in 2010 for $275 million and became the first former NBA player to hold a majority stake in a franchise. However, despite his legendary basketball prowess, the Hornets struggled on the court under his leadership.
Over 13 years, the team only made the playoffs three times and never advanced past the first round, finishing with a W-L record below .500 for most of his ownership period.
In 2023, Jordan sold his majority stake for an estimated $3 billion, a staggering return on investment. So, why did the billionaire decide to step away? While most may think it was due to the poor performance of the franchise, the original reason was something that no one could have anticipated.
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“Although my love for the game of basketball and the NBA remain strong, now is the right time for me to hand over the reins and focus on my family, my personal interests and some new challenges. I’m excited to see what the future holds, and I look forward to supporting the team and the community in my new role for many years to come,” said Jordan as the reason.
While Jordan gave up ownership of the team, he still remains as their minority owner. This season the Hornets currently have a W-L percentage of .385 in 13 games which is not that good, but they are showing signs of achievement. Now it remains to be seen, how the franchise will perform in the coming days.