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Michael Jordan Becomes A Billionaire

Jun 12 2014, 9:56pm CDT | by , in News | Latest Sports News

Michael Jordan Becomes A Billionaire
Photo Credit: Getty Images
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Charlotte Hornets owner Michael Jordan is now a billionaire, per Forbes Magazine's Mike Ozanian.

Charlotte Hornets owner Michael Jordan is now a billionaire. 

According to Forbes Magazine's Mike Ozanian, Jordan reached the milestone when he increased his stake in the Hornets: 

"Michael Jordan is now a billionaire. 

"In February, my colleague and Dean of athlete earnings, Kurt Badenhausen, pegged Jordan's annual earnings at $90 million and his net worth at $750 million. But I have learned from sources familiar with the Charlotte Hornets familiar with the Charlotte Hornets that the former NBA great has increased his stake in his basketball team to 89.5 percent from 80 percent during the past several months. 

"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 $1 billion. 

"Welcome to the billionaires club, Mr. Jordan."

In another development, Jordan hopes to add another superstar to the Hornets roster in the 2014-15 NBA season, per The Charlotte Observer's Rick Bonnell: 

"Years ago Hornets owner Michael Jordan publicly envisioned publicly envisioned a time when NBA players would view Charlotte as a free-agent destination. 

"Sounds like Jordan believes that time is now. 

"'I always thought it was a great destination,' Jordan said Monday. 'I think Big Al (Jefferson) proved you can come here and make a big difference. Hopefully we can look at that and attract some other superstar.'

"Jordan spoke to Media at Hornets Nest Elementary School. The occasion was a $250,000 contribution the Hornets, Lowe's and Fox SportsSouth made, creating a teacher-innovation fund for Charlotte-Mecklenburg Schools faculty. 

"The conversation quickly turned to the opportunities the Hornets have this offseason. The have three picks in the June 26 NBA draft (Nos. 9, 24 and 45) and at least $13 million in space under the salary cap. 

"Last summer the then-Bobcats made a high-impact signing in center Al Jefferson, who finished the season third-team All-NBA. The Bobcats finished the regular season 43-39 and qualified for the playoffs under new coach Steve Clifford. 

"Jordan sees his team matching that progress this summer. 

"'I think we can make a big difference,' Jordan said. 'We did last year with Big Al and some of the other acquisitions. I don't anticipate this being any different. I think we'll try to improve on what we did last year, which I'm very proud of. 

"'The guys came out and took the initiative from coach. He was able to bond and get a really good effort. This (offseason) we have a lot of flexibility. I've been speaking about the last three to four years -- (how) that flexibility is very important. We'll utilize very resource to improve the team. I don't think that will change this summer.'

"Jordan has said his short-term goal is the Hornets becoming a top-four team in the East, which would give them homecourt advantage in the first round of the playoffs. They were the seventh seed last month and were swept in the first round by the Miami Heat." 

 

The 51-year-old Jordan, a five-time MVP, averaged 30.3 points, 6.2 rebounds and 5.3 assists in his 15-year NBA career with the Chicago Bulls and Washington Wizards, per Basketball-Reference.com.   

For more of the hottest sports news, log on to Sport Balla today. 

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