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Michael Jordan Selling Majority Ownership Stake In Charlotte Hornets In 2023

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CHARLOTTE, N.C. The Charlotte Hornets announced on Friday that Michael Jordan is finalizing an agreement to sell the team’s majority stake, leaving the NBA’s 30 teams without any Black majority ownership.

According to the Hornets, Jordan is selling to a group headed by Gabe Plotkin and Rick Schnall. Since 2019, Plotkin has had a minor ownership interest in the Hornets. Since 2015, Schnall has had a minority ownership stake in the Atlanta Hawks and is currently selling that stake.

It’s still being determined how long it will take for the NBA Board of Governors to approve the sale. Jordan intends to maintain a small ownership position in the Hornets, a franchise he paid around $275 million for in 2010.

Jordan’s decision to sell marks the end of his disastrous 13-year tenure as organization manager.

Earlier this month, during the NBA Finals, NBA Commissioner Adam Silver remarked, “In the same way that it’s amazing that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time. Values have increased significantly since he purchased the squad, so that is his choice.

Silver stated at the finals news conference that the Board of Governors emphasizes ownership group diversity.

Silver stated, “I would love better representation regarding principal governors. “This is a market. The league could focus directly on it if we were to grow, but when it comes to individual team transactions, the market determines where we end up.

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The Charlotte Hornets announced on Friday that Michael Jordan is finalizing an agreement to sell the team’s majority stake.

ESPN said the franchise was valued at $3 billion, citing sources, although the sale price was not immediately disclosed. The Phoenix Suns were the most recent NBA team to be sold when Mat Ishbia acquired them in a December deal valued at $4 billion.

Jordan’s spokeswoman, Estee Portnoy, declined to comment on the deal.

Even though Michael Jordan was an outstanding player on the court—a national champion at North Carolina, a two-time Olympian with a gold medal, a six-time NBA champion, and a perennial contender for the finest player ever—the Hornets never won a championship during his ownership.

In his 13 seasons as coach, Charlotte had a 423-600 record, the 26th-best mark. It hasn’t even made the postseason in the past seven seasons, and during that time, it has yet to win a single playoff series.

Recording artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway, and several Charlotte-area investors, including Amy Levine Dawson and Damian Mills, are further members of the new possible Hornets ownership group, which is now awaiting clearance.

Along with the Hornets, HSE ownership includes:

  • Running the Spectrum Centre.
  • Managing the Greensboro Swarm of the NBA G League.
  • The Hornets Venom GT of the NBA 2K League.

All of them are included in the transaction.

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The Charlotte Hornets announced on Friday that Michael Jordan is finalizing an agreement to sell the team’s majority stake.

It generated a lot of noise when Jordan, raised in Wilmington, North Carolina, bought most of the squad.

Jordan was disturbed by the Hornets’ difficulties and inability to change their fortunes. When he sold a minority stake to Plotkin and Sundheim in 2020, it was the first indication that he was preparing to exit the NBA ownership industry.

The Hornets, who have the No. 2 choice in the NBA Draught, are coming off a 27-55 season marred by injuries. On Thursday night, Victor Wembanyana is anticipated to be selected first overall, leaving Charlotte to choose between Scoot Henderson, a talented guard in the G League, and Brandon Miller from Alabama.

LaMelo Ball is Charlotte’s biggest star, but the team also has some solid role players to build around in Terry Rozier, Gordon Hayward, P.J. Washington, and Mark Williams, the starting center who excelled as a rookie last season.

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As an owner, Jordan was frequently criticized for not making enough free-agent signings to make the Hornets competitive.

In 2010, he took over a club that the Orlando Magic had swept in the first round after winning 44 games the year before.

Following then, things became worse.

Charlotte, still known as the Bobcats, then finished 34-48 in Jordan’s first season in charge before posting an NBA-worst 7-59 record the following season. Nevertheless, despite their horrible record, Charlotte could not secure Anthony Davis and the top selection in the NBA draught.

2013–14, Charlotte made it back to the playoffs, but the Miami Heat swept them. The Hornets won 48 games the following season but fell to the Heat in the opening round again, this time in seven games.

Only one winning season and two early exits from the play-in tournament as the 10 seed has occurred for Jordan’s Hornets in the seven years since.

Charlotte hasn’t won an NBA championship or a playoff series since the 2001–02 season.

SOURCE – (AP)

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

Entertainment

We Expect ‘Deadpool & Wolverine’ to Have the Highest Opening Among all R-Rated Films.

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Disney

(VOR News) – The “Merc with a Mouth” will return to the big screen in Deadpool & Wolverine this weekend, and his contribution to Disney’s Marvel Cinematic Universe extends beyond his R rating.

“Deadpool & Wolverine,” the third standalone feature film featuring Ryan Reynolds as the regenerative reprobate, is expected to gross between $160 million and $180 million in its opening weekend at the domestic box office.

The movie has already surpassed the greatest number of ticket pre-sales in 2024, according to data provided by Fandango. It is anticipated that it will break numerous records during its opening weekend.

Most noteworthy among these accomplishments is the most successful premiere for an R-rated film in history, as well as the largest domestic opening of 2024.

Disney and Pixar’s “Inside Out 2” has achieved the highest opening of the year with a total of $154.2 million, as per the data provided by Comscore.

Additionally, the first “Deadpool” film has achieved the highest début for any R-rated feature film with a total of $132.4 million.

Mike Bowers, the president and CEO of Harkins Theatres, a theatre corporation located in Arizona, stated, “I am confident that this will be the largest R-rated film to ever be released if it is released.” Furthermore, it is already one of the most successful presale films in the annals of our company.

“Deadpool & Wolverine” was initially rated R because of its trailer.

It is also the 34th Deadpool & Wolverine film to be released under the Marvel Cinematic Universe banner. The two Deadpool films that preceded it, both of which were rated R, were produced and distributed by 20th Century Fox.

The reintroduction of the X-Men and Fantastic Four into the broader Marvel catalogue was the consequence of Disney’s acquisition of the corporation in 2019.

Similar to other Marvel Cinematic Universe films, “Deadpool & Wolverine” is benefiting from the enthusiasm of its audience.

Audiences are anxious to view the film during its opening weekend in order to prevent spoilers. Disney has maintained the confidentiality of the majority of the film’s content, and only a limited number of press screenings have been conducted prior to the film’s release.

Bowers anticipates that individuals will continue to return for additional viewings in the weeks following the film’s premiere.

He made the observation that “this is a film that there is so much happening, so many jokes and funny sequences that no one is going to be able to eat just one, you know, they’re going to be back.”

Ellis Jacob, the president and chief executive officer of Cineplex, the largest cinema theatre operator in Canada, echoed Bower’s viewpoint. Jacob asserted that “Deadpool & Wolverine” is replete with Easter eggs and that viewers will revisit the film to attempt to locate them all.

Furthermore, he stated that a substantial number of moviegoers are purchasing tickets for premium screenings, such as IMAX, Dolby, and ScreenX, which are more expensive.

Additionally, Marvel has collaborated with movie theatres to grant licenses for items such as collector popcorn tubs and drink containers, which the theatre operators anticipate will be in high demand.

Historically, concessions have been the most profitable revenue source for movie theatres, and the presence of limited-edition products can result in even greater sales of food and beverages.

” Deadpool & Wolverine” is an essential Marvel release.

Shawn Robbins, Deadpool & Wolverine the inventor and owner of Box Office Theory, announced that Disney had “slowed down the pace” and had scheduled fewer films in the series that has dominated the global box office for over a decade. Box Office Theory is also associated with Robbins.

He stated that Disney is making an effort to correct the course after a series of theatrical errors and poor box office performance, as well as a flood of streaming content that overwhelmed even the most devoted fans of the Marvel Cinematic Universe.

Robbins pointed out that “in the end, despite the fact that this is a Marvel movie, it may be viewed equally as a midsummer action comedy that stars personalities and brands that are loved by both die-hard fans and casual viewers.”

The fact that Reynolds and Jackman have both made a name for themselves in Deadpool & Wolverine popular culture and have maintained a cordial relationship through interviews and social media makes them an ideal pairing.

Likewise, there is genuine curiosity regarding the first R-rated film in the Marvel Cinematic Universe and whether it will retain the qualities that made the first two Deadpool films and [Jackman’s 2017 Wolverine film] Logan so successful.

SOURCE: CNBC

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Warner Bros. Discovery Informs NBA It Will Match Amazon Prime Video’s Offer To Carry Games

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NBA | AP News image

Turner Sports hopes to continue its long-standing relationship with the NBA.

On Monday, Warner Bros. Discovery informed the league that it will match Amazon Prime Video’s $1.8 billion annual bid. Turner has had an NBA package since 1984, and games have been broadcast on TNT since the network started in 1988.

“We studied the offers and accepted one of them. This will allow fans to continue to experience our unequaled coverage, including the greatest live game productions in the business and our legendary studio shows and talent, as we build on our proven 40-year commitment for many more years,” WBD stated. “We submitted our matching paperwork to the league today.” We are looking forward to the NBA completing our new contract.”

Warner Bros. Discovery Informs NBA It Will Match Amazon Prime Video’s Offer To Carry Games

The NBA Board of Governors approved the league’s 11-year media rights deals with Disney, NBC, and Amazon Prime Video on Tuesday at its meeting in Las Vegas. WBD received all three contracts on Wednesday, beginning the five-day clock for deciding whether to match.

The new deals, for $76 billion, will begin with the 2025-26 season and entail a game being shown or streamed nationally every night during the second half of the season.

The Prime Video package would have offered games on Thursday night after it finished carrying NFL games. The other nights were Friday and Saturday.

TNT would air games on Thursday, with the other nights being streamed on Max.

Warner Bros. Discovery CEO David Zaslav warned at an RBC Investor Conference in November 2022 that Turner and WBD “don’t have to have the NBA.”

Warner Bros. Discovery and the league could not negotiate an agreement during their exclusive bargaining period, which ended in April. Zaslav and TNT Sports Chairman/CEO Luis Silberwasser have recently announced that they intend to match one of the agreements.

“During our four-decade collaboration with the NBA, we have consistently provided exceptional coverage for basketball fans. WBD stated that they behaved in good faith to offer strong proposals that were fair to both parties throughout exclusive and non-exclusive negotiations to maintain their long-standing collaboration. “Regrettably, the league notified us of its intention to accept other offers for the games in our current rights package, leaving us to proceed under the matching rights provision, which is an integral part of our current agreement and the rights we have paid for under it.”

NBC and WBD would alternate broadcasting one of the conference finals series. ESPN and ABC will continue to broadcast the league’s top package and will host conference finals and the NBA Finals each year.

According to people familiar with the negotiations, Amazon’s offer contained a mechanism for paying many years in advance into an escrow account, which many thought would be difficult to match. However, WBD has informed the league that it has the financial resources to do so.

“The Ringer’s” Bill Simmons originally mentioned the Amazon provision on “The Town” podcast.

People talked to the AP anonymously because they were not at liberty to discuss such serious topics.

Warner Bros. Discovery Informs NBA It Will Match Amazon Prime Video’s Offer To Carry Games

WBD pays $1.4 billion per season under the existing nine-year contract, which expires after next season.

WBD is making a large financial investment, but it is necessary. Without the NBA, it would have struggled to charge its present subscriber fees to cable and satellite companies.

Retaining the NBA would also ensure that the popular “Inside the NBA” show will continue. Charles Barkley was dismissive of WBD’s negotiation position and did not believe it would match. Barkley revealed at the end of this season that he planned to retire following the next season.

SOURCE – (AP)

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American Who Made Social Media Threats Against Taylor Swift Detained Ahead Of German Concert

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Taylor Swift

BERLIN — An American man who made threats against Taylor Swift on social media was seized before her first concert in Gelsenkirchen, Germany, and will be held in custody until her gigs there end, authorities said Thursday.

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swift | AP news Image

American Who Made Social Media Threats Against Taylor Swift Detained Ahead Of German Concert

According to police, the accused stalker, a 34-year-old whose name has not been disclosed, had a ticket to Taylor’s concert at Gelsenkirchen’s Veltins-Arena on Wednesday. They stated that he was detained at event admission checks because an early assessment could not completely rule out a risk.

According to police, the man threatened Taylor and her partner on social media. They say he was detained after receiving tips from the event’s organizers.

The American superstar will perform in Gelsenkirchen on Wednesday, Thursday, and Friday as part of her Eras tour. According to authorities, a local court has ordered that the suspected stalker be detained until Saturday.

They went on to say that Swift and the audience were always safe. The event drew approximately 60,000 people on Wednesday evening and went off without incident.

American Who Made Social Media Threats Against Taylor Swift Detained Ahead Of German Concert

Before the concerts, Gelsenkirchen temporarily renamed the town “Swiftkirchen” and honored the singer on a “Walk of Fame” dedicated to local luminaries.

Taylor has plans to perform in two more German cities after Gelsenkirchen: Hamburg and Munich.

SOURCE | AP

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