What the Charlotte Hornets sale says about sports fandom in 2023
Basketball icon Michael Jordan is selling his majority ownership in the Charlotte Hornets in a deal estimated to be valued at $3 billon. This figure is more than ten times the $275 million Jordan initially paid for his majority stake in the NBA franchise back in 2010. The transaction will result in Jordan relinquishing his majority ownership, while still retaining a minority stake in the team. The acquiring group is led by Gabe Plotkin, founder and chief investment officer at Melvin Capital, and Rick Schnall, co-president at private equity firm Clayton, Dubilier & Rice. The involvement of private equity in this deal reflects a broader trend of financialization of sports franchises, driven by optimistic valuations built on confident estimates for monetising the fandom underpinning team sports.
Sports fragmentation is not just about viewing