Michael Jordan Sells Hornets Stakes; Keeps Control

Scott Soshnick, Eben Novy-Williams and Michael Barr discuss a host of issues related to the business of sports, including Michael Jordan's decision to sell minority stakes in the National Basketball Association franchise. Jordan will keep control of the team, which Forbes says is worth $1.3 billion. He became part-owner of the then-Charlotte Bobcats in 2006. The buyers are: Gabe Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital. Jordan said the capital will be used to modernize the team, including tech upgrades. Also discussed is SoFi's $30 million annual investment for the naming rights to Stan Kroenke's New Los Angeles Stadium. The $5 billion facility will house both the NFL's Rams and Chargers. Also discussed is Nascar's decision to reject some firearms ads for its souvenir programs. See omnystudio.com/listener for privacy information.