It’s no secret that NBA players earn big money during their playing careers. But some players take it a step further by becoming owners of professional sports teams after retirement. Owning a sports franchise brings financial benefits but also allows players to stay closely involved with sports.
Michael Jordan – Charlotte Hornets
Arguably the most renowned NBA player-turned-owner, Michael Jordan purchased the Charlotte Bobcats in 2010 for $275 million.
He held the majority stake in the franchise and took over basketball operations. After a few struggling years, Jordan brought back the original Hornets name in 2014.
Motivations for Ownership
As a native of North Carolina, Charlotte was a natural fit for Jordan. But his competitiveness and desire to build a winning franchise were stronger motivations.
“I’m making more of a commitment to basketball,” Jordan said when he became owner. “I see an opportunity where I can make a difference right away.”
Challenges
Taking over the Bobcats posed plenty of challenges. The team had only made the playoffs once in its history. And Jordan had to learn the new role of leading executives and making personnel decisions.
“I know the business of basketball,” Jordan acknowledged. “I know the game of basketball. But now it’s the business of basketball.”
Impact and Legacy
Jordan brought instant credibility and attention to the franchise. Though it’s taken time, he has molded the Hornets into a playoff contender. They qualified for the postseason in 2022 with bright hopes for the future.
Jordan‘s impact goes beyond on-court success. He has made Charlotte an attractive destination for top players and revived local enthusiasm for the team.
Grant Hill – Atlanta Hawks
In 2015, NBA legend Grant Hill purchased a minority stake in the Atlanta Hawks franchise. He partnered with billionaire Tony Ressler, who acquired a controlling interest in the Hawks.
Motivations
Hill explained that his motivation was to expand his sports business portfolio after retirement. “My interest in the Hawks is an extension of my passion for Atlanta and the game of basketball,” Hill stated.
Challenges
As a minority owner, Hill has limited decision-making impact. The biggest challenge has been working alongside majority owner Ressler to guide the Hawks back to contention.
Impact
Hill and Ressler quickly re-signed the Hawks‘ core players to long-term deals and invested heavily in infrastructure. Their leadership brought stability after the former owner controversy and financial struggles for the franchise.
LeBron James – Liverpool FC
Global superstar LeBron James owns a minor 2% stake in premier English soccer club Liverpool FC. He partnered with Fenway Sports Group (FSG) to complete the purchase in 2011.
Motivations
James likely saw Liverpool FC as both a strategic investment and an entry into European sports ownership. Becoming part of the historic club also raised LeBron’s already immense profile internationally.
Challenges
As a passive minority investor based overseas, James has no direct involvement in decision-making with Liverpool FC. Instead, he must trust FSG and rely on their guidance of club operations.
Impact
While LeBron cannot take credit for Liverpool FC’s recent success, including a Champions League title, his fame has brought further attention. And the investment relationships formed could assist LeBron in launching an MLS franchise in the future.
Shaquille O’Neal – Sacramento Kings
The legendary big man Shaquille O’Neal purchased an ownership share of the Sacramento Kings in 2013. Initial reports suggested O’Neal bought around 5% of the franchise.
Motivations
A resident of Sacramento during his playing days, O’Neal connected with the city. Joining the Kings‘ ownership enabled him to give back. He also saw it as a learning opportunity about front-office basketball operations.
Challenges
The Kings have struggled through an extensive playoff drought, presenting a challenge for any owner. As a minority owner, O’Neal also has little influence over high-level decisions for the franchise.
Impact
Shaq‘s charisma and NBA resume immediately brought positive PR to the Kings. He also served as a mentor for young players like De’Aaron Fox. However, his stake now appears to be on the market following recent friction over the team’s direction.
Sources:
www.ranker.com/list/athletes-who-own-sports-teams/people-in-sports
www.sportskeeda.com/basketball/6-nba-players-stake-sports-franchises
basketnews.com/news-187510-nba-stars-who-own-sports-teams-jokic-lebron-wade-and-other-cases.html
