Wow, NBA legend Michael Jordan is officially a member of the billionaire boys club now. According to a Forbes report.
After increasing his stake in the Charlotte Hornets, Michael Jordan is now a billionaire.
The NBA great’s interest in the Hornets has risen to 89.5 percent from 80 percent over the past few months, the report said.
Jordan first became an investor in the Hornets (then the Bobcats) in 2006 and became the controlling owner in 2010 when he bought out Robert Johnson for $175 million. Sports bankers say the Hornets are presently worth between $600 million and $625 million. The Milwaukee Bucks sold for $550 million in May, and they are considered the least valuable team in the league.
Our net worth figure for Jordan uses the $600 million figure. The Hornets have $135 million of debt, which makes Jordan’s equity in the team worth $416 million. After subtracting all the cash Jordan has invested in the team, we estimate his net worth outside of the Hornets to be $600 million, giving him a net worth of a $1 billion.
I know he makes a lot off that damn Jordan Shoe’s, especially in the HOOD!