“While owners were busy chasing banners, he was busy compounding equity in silence” – Jay Williams explains why Michael Jordan’s tenure as Charlotte owner was not a failure originally appeared on Basketball Network.
Michael Jordan is often criticized for his tenure as majority owner of the Charlotte Hornets NBA franchise. The Hornets never had a single deep playoff run with the basketball GOAT at the franchise’s helm.
In Jordan’s 13 years as team owner, the Hornets made the playoffs only three times and never advanced past the first round. Many criticized Jordan for not stacking up his teams with plenty of talent. However, according to former Chicago Bulls point guard and Duke superstar Jay Williams, not having a huge payroll helped the franchise turn losses into profit. And despite not winning a championship under his watch, Jordan’s reign in Charlotte was a resounding success.
“While you’re laughing at Charlotte missing the playoffs, Jordan was the only one in the room not wiring in more capital. He never chased stars. He never cracked the luxury tax. Not even once. He kept costs lean. He ran even a positive and by 2022, Charlotte pulled $94 million in operating profit,” explained Williams.
Williams noted that when Jordan purchased the team as the Charlotte Bobcats for $275 million in 2010, he acquired a franchise that lost an estimated $30 million per year and struggled with low attendance and limited sponsorship. Although he could not turn them into a championship-contending team, Jordan’s frugal ways transformed them into one of the profitable organizations in the NBA.
J-Will also said that Jordan rebranded them back to the Hornets, spending $5 million to reclaim their history from New Orleans and create a new logo. Following the rebranding, Charlotte went from 26th in attendance to 19th while merchandise sales tripled despite winning fewer games. Fast forward to the 2021-22 season, the Hornets had an operating income of $94 million, which was up from the $34 million of the previous season, while their value jumped to $1.7 billion.
“You think ownership is about wins? No. Ownership is about liquidity events; it’s about buying at a discount, optimizing cash flow, and exiting when the cap table is at peak heat. That’s what Jordan did. The Hornets? Yeah, they didn’t make history on the court. Jordan just made it off of it because while other owners were chasing banners, he was too busy compounding equity in silence,” he continued.
Story Continues
In June 2023, Jordan sold his majority stake in the Hornets for $3 billion. His critics said that he finally sold the team because he could do no right and because he wasn’t as good an owner as he was as a player. But the truth is, MJ did not sell out his home team. In fact, he set them up for the future.
Not only did he keep a minority stake to retain his influence and goodwill, but he also personally ensured that several North Carolina personalities would be part of the new ownership group. In 2022, MJ also helped the Hornets get $275 million from the city to renovate their home court and extended the Spectrum Center lease until 2045.
So sure, the Hornets posted a subpar 423-600 record under MJ, and they won zero playoff series during that period. However, the franchise’s value has skyrocketed from the $275 million MJ paid for it in 2010. Its value has even doubled from $1.7 billion in 2022 to $3.35 billion as of October 2024, or a year after he ceded control. For J-Will, that’s the ultimate success of an NBA franchise because it’s a business more than anything.
This story was originally reported by Basketball Network on Aug 20, 2025, where it first appeared.