Michael Jordan Is Now an Official Billionaire

michael-jordan

You can now officially say that Michael Jordan is now apart of the Billionaire boys club, according to Forbes.com after increasing his stake in the Charlotte Hornets  to 89.5% from 80% during the past several months he is now an official billionaire. I could of sworn he was one already though ?

Forbes states:

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.

 

67b8ed9f_7yZGdy

3 thoughts on “Michael Jordan Is Now an Official Billionaire

  1. Congrats! Mr. Jordan, I need to come up with a business plan a pitch to him for some financing. Invest in me!!!

Comments are closed.