According to Forbes, basketball legend and Hall of Famer Michael Jordan is now the only athlete in the billionaire’s club.
Yes, Michael Jordan is now a billionaire.
MJ increased his stake in his basketball team, The Hornets to 89.5% from 80% 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. In January, Forbes valued the Hornets at $410 million. 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. Not to mention, the LA Clippers have yet to finalize their $2 billion deal. Sports bankers say the Hornets care presently worth between $600 million and $625 million.
The Hornets have $135 million of debt, which makes Jordan’s equity in the team worth $416 million. MJ’s net worth outside of the Hornets is estimated to be $600 million, giving him a net worth of a $1 billion.