Michael Jordan’s Charlotte Hornets see value jump to $1.7B: Forbes
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Operating profit nearly tripled for the Charlotte Hornets last season and the NBA franchise’s value increased by 8% to $1.7 billion, according to annual financial estimates and valuations published this week by Forbes magazine.
Financial data compiled by the magazine show projected operating income of $94 million for the 2021-22 season, up from $34 million the previous year, when state government Covid-19 mandates limited capacity to 15% to 25% at Spectrum Center. Revenue increased to $269 million from $183 million.
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Going back to the last full NBA season not affected by the pandemic, 2018-19, the Hornets’ operating income was $39 million — still less than half the amount generated in 2021-22. Revenue that year was $240 million.
Those figures bode well for Michael Jordan’s team in the just-started 2022-23 season. As CBJ recently reported, the franchise’s ticket and sponsorship sales have peaked in recent months — including a fully sold-out lower level for the entire season, a first since the NBA returned in 2004.
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(WATCH BELOW: Students learn trade skills through partnership with Hornets)
