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Michael Jordan selling large chunk of Hornets, won't give up majority control

NanuqoftheNorth

By NanuqoftheNorth,
in Charlotte Hornets

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On 9/18/2019 at 4:21 AM, rippadonn said:

Considering what's going on and the fact that the other teams actually pay to keep the Hornets solvent I totally get the strategy. He can now make cash calls to others. We may actually see them spend more money now. Hopefully.

Jordan has always had the ability to make "cash calls"....and his minority partners always had the ability to decline (that's just how it works). 

Most did so, but this had no effect on operations as the Managing Partner has to fill that hole, so Jordan did.  As a result, his % ownership increased from about 80% to a reported 97% as minority partners declined "cash calls" on a regular basis. 

Because Jordan had to cover the declined calls there was no effect on operations, no change with the new owners.

Now, here's what I think will happen going forward...  I suspect these new partners will have language in the agreement that allows them to fund ALL future capital calls, and see their ownership stake increased accordingly.

I believe their goal is to increase their stake to over 50% and take over the team from Jordan --- this would be the best outcome for all!

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