Washington Capitals: Remembering Michael Jordan as an owner

Everybody knows Michael Jordan as arguably the greatest NBA player of all-time and as the owner of the Charlotte Hornets. But remember when he was a minority owner of the Washington Capitals?

Michael Jordan is known for being one heck of a basketball player. Probably the best of all-time. Recently, The Last Dance, a documentary about his glorious career, has started airing on ESPN. While everyone knowns him as the GOAT of the NBA, very few remember his tenure as a minority owner of the Washington Capitals.

From 2000 to 2001, Jordan served as a minority owner for the Capitals. This was during his second retirement from the NBA in 1999 and just before Jordan came out of retirement (again) to play for the Washington Wizards.

Back when he retired, Jordan’s dream was to own an NBA team. He attempted to work something out with the Vancouver Grizzlies and Charlotte Hornets, but it didn’t work. Jordan did, however, buy the Charlotte Bobcats a decade later.

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He was also intrigued by a management role, perhaps as a stepping stone to eventually becoming a manager. Jordan’s interest led him to Lincoln Holdings LLC, a group consisting of then AOL executive and current Capitals majority owner, Ted Leonsis, current Capitals team president Dick Patrick, and current New York Islanders co-owner Jonathan Ledecky.

After several meetings, both parties realized they had what the other party wanted. Jordan had the star power and celebrity while Lincoln Holdings LLC had the opportunity to jump into management for Jordan. Jordan agreed to join the group. Thanks to his clout, the group was able to get in the door with then-Wizards and Capitals owner Abe Pollin.

Lincoln Holdings LLC has to do some negotiating because Jordan and Pollin didn’t have a good history. It took quite a bit of work for the two sides to work something out. But eventually, Jordan became the president of basketball operations for the Wizards.

Jordan’s ownership stake with Lincoln Holdings also gave him an ownership stake in a team, just not the one he wanted – the Capitals. He held a 12% share of them.

Ironically, it was an archrival of the Capitals who helped end his tenure as a minority owner. Jordan and then-Pittsburgh Penguins star (and current Penguins owner) Mario Lemieux became good friends. Right around this time, Lemieux was making another comeback. This inspired Jordan to get back on the court.

Jordan’s tenure as an owner of the Capitals was short. But you could argue it was meaningful. His celebrity and clout helped Lincoln Holdings LLC get their foot in the door as a management group. Without Jordan, Leonsis might not be the majority owner of the Capitals.