Ballin’! Michael Jordan Is Officially A Billionaire
Dr. Dre isn’t the only one moving into new tax brackets. Forbes is reporting that back in February Jordan’s annual earnings stood at $90 million and his net worth at $750 million, but sources say the Charlotte Hornets owner increased his stake in the team from 80% to 89.5% in the past several months.
Forbes breaks down the math below:
“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 we 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. Sports bankers say the Hornets care presently worth between $600 million and $625 million.
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.”
We’re sure everyone and their mama buying baby Jordans in every color of the rainbow isn’t exactly hurting MJ’s bank account either. Jordan joins Oprah, Nigerian business magnate Aliko Dangote and South African gold magnate Patrice Motsepe among the world’s black billionaires.