As if you spending $300 on a pair of his sneakers didn’t already do it, Michael Jordan has recently hit billionaire status, another reason for you to want to be like Mike.
Over the last few months Jordan increased his stake in the Charlotte Hornets from 80% to 89.5%. Crazy thing is, Jordan’s Nike brand topped $1 billion in annual revenue for the first time in 2009 and thanks to people like myself, those numbers continue to increase.
Check out how MJ arrives at his billionaire mark below.
Via Forbes
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.
