Michael Jordan is a billionaire now……but wait I thought he already was with all the rage about owning Jordans. Also, not to mention his record in the NBA.
I think most people would agree with me Jordans have been around since the 90’s and now even our kids, kids have Jordan.
Michael Jordan over the last few weeks and months has increased his ownership in the Charlotte Hornets to nearly 90 percent which is about a 10 percent increase from his prior ownership according to Mike Ozanian and forbes.
For those of you that have been watching the moves in the NBA you know that Steve Ballmer bought the Los Angele’s Clippers about two weeks ago….that is pretty significant..
Here is how Mike Ozanian calculates him being a billionaire let’s take a peek at his statement:
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.
That is pretty astounding that it took him this long because if you look at just the Jordan’s Nike brand they topped $1 billion in annual revenue back in 2009 and it continually shows growth year over year (believe it or not this accounts for 5% of Nike’s overall revenue goes to show you how big).
Then on the other hand Forbes only estimates Jordan’s annual revenue at only $90 million.
So the question is who do you think is right? Shoot for me who cares its a variance of $10 million but when dealing in that range that is like a micron in machining which excuse my french ain’t crap…
This is how I remember Jordan when I was growing up watching him when he played along Spud Webb who has the amazing dunk for his height.
Michael Jordan Dunk
Spud Web Dunk Contest
Just for those that didn’t know Spud Webb he was only 5 foot 7 inches tall…
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