There are many words used to describe Michael Jordan. Athlete. Champion. Franchise Owner. And now there’s another word to add to the list. Billionaire.
That’s right Michael Jordan is now a billionaire. Jordan is known as the six time NBA league champion who up until recently had an 80% stake in the Charlotte Hornets. Over the last few months though Jordan has quietly been buying out his co-owners, and has increased his stake in the Charlotte based franchise to 89.5%.
Jordan originally invested in the team in 2006, but became the controlling owner in 2010 after buying out Robert Johnson for $175 million.
It has been estimated that the Hornets are worth between $600 million and $625 million. Subsequently, Forbes has valued Jordans equity in the team to equal approximately $416 million. Without the Hornets, the finance guru has placed Jordans net worth at $600 million. Therefore, making the former Chicago Bull a billionaire.
So welcome to the billionaire’s club Mr. Jordan, and don’t spend that billion all in one place.
Photo: AP Photo
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