Michael Jordan isn’t poor. You knew that already. Did you know he’s now reportedly worth one billion dollars? After his latest move to purchase a larger stake in the Charlotte Hornets, Forbes reports that Michael Jordan is now in the Billionaire’s Club thanks to the soaring value of NBA franchises.
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.
The report states that once Michael Jordan upped his stake in the Charlotte Hornets from 80% ownership to 89.5%, his total value was bumped over the big billion. The Hornets weren’t valued nearly high enough to warrant such a rise in Jordan’s value, but NBA franchises as a whole have been skyrocketing, which prompted the move, per Forbes.
“In January we valued the Hornets at $410 million,” the report notes. “But the Milwaukee Bucks sold for $550 million in May, and they are considered the least valuable team in the league because of their market and arena. Sports bankers say the Hornets care presently worth between $600 million and $625 million.”
Take Jordan’s stake in the franchise, subtract his share of the team’s debt and add all the other money Jordan rakes in and you get roughly $1 billion dollars. His next step? One hundred billion dollars.
Tags: Michael Jordan