As the NBA heads into the offseason, surprising news has emerged without warning. It has been reported by multiple sources that the owner of the Hornets and basketball legend, Jordan, will sell the team this offseason.
Further reports indicate that Jordan's majority stake in the team, valued at $3 billion, is up for sale, and an agreement with the buyer is expected soon.
After this offseason, Jordan will bid farewell to his 17-year ownership career and will no longer be directly responsible for the Hornets.
In 2006, Jordan initially became a minority shareholder in the Charlotte Bobcats, which was later renamed the Hornets.
In 2010, he purchased approximately 65 percent of the team for $175 million, taking on the debt left by the former owner Bob Johnson, resulting in a total cost of $275 million.
In terms of their record, the Hornets have consistently struggled since entering the NBA, largely due to their poor draft choices.
While many teams in the league have faced challenges but managed to secure high lottery picks that could change their fate, such as the Thunder selecting the young Warriors duo known as the Splash Brothers, the Hornets have often found themselves in the middle of the draft due to various reasons.
Consequently, they have been unable to break the cycle and improve their team, resulting in a continuous and unfortunate pattern.
Over the course of these 17 years, the Hornets have been among the worst-performing teams in terms of win-loss records.
They have only made the playoffs three times, suffering two sweeps, and in 2016, led by Walker, they fought a hard battle against the Heat before being eliminated, ending with a record of 12 losses and 3 wins.
This lackluster performance has been disappointing. Notably, during the 2011-2012 season, the Bobcats (as they were called at the time) achieved a woeful record of 7 wins and 59 losses, resulting in a mere 10.6% winning percentage, marking the worst record in NBA history.
The team even fell to the bottom two in the Eastern Conference this season.
However, despite their on-court struggles, the value of the Hornets has continued to rise. According to Forbes' 2022 report, the team is valued at $1.7 billion, ranking 27th in the NBA.
This means that the team's value has nearly multiplied by nine since Jordan took over.
Therefore, Jordan's decision to sell the Hornets, relinquishing control of the team, might serve as a positive turning point for the franchise.
With the Hornets currently holding the top pick in the upcoming draft, along with five additional draft picks, and with players like Bridges and Washington set to become free agents, this offseason becomes critical for the Hornets.
On one hand, they can either select a player who is a perfect fit for the top pick in what appears to be a strong draft class or trade for a player who can provide immediate impact, further advancing their progress in the upcoming season while Ball continues to develop in his career.
On the other hand, with Bridges and other players becoming free agents, the Hornets have already indicated that they are unlikely to reach a contract extension agreement with him.
From the current perspective, Jordan's departure from the Hornets may lead to a turnaround for the franchise. If the offseason unfolds favorably, the Hornets have a strong chance of making significant strides in the upcoming season.