Michael Jordan officially a billionaire?
Michael Jordan is finally a billionaire, according to an article that was published in Forbes on Thursday.
Jordan, who earns an estimated $90 million per year through endorsement deals, his clothing and shoe company, the Charlotte Hornets and other avenues, was estimated to have a net worth of around $750 million earlier this year. However, Mike Ozanian reports that a recent increase in his stake in the Hornets has pushed Jordan’s net worth into 10 figures.
In recent months, Jordan has supposedly increased his stake in the Bobcats from 80 percent to almost 90 percent. Sports bankers estimate that the Hornets are worth somewhere between $600 million and $625 million, using the recent $500 million sale of Milwaukee Bucks as a benchmark. Here’s how Ozanian came to his conclusion:
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
It was only a matter of time, right? If a report from Golf Digest earlier this year is accurate, Tiger Woods recently became the first billionaire athlete.
Moral of the story? Be the best athlete to ever play your sport and cozy up with Nike.