Friday, June 13, 2014

Report: Michael Jordan now worth $1 billion

Michael Jordan.jpg

According to a report from Forbes, Michael Jordan is now a billionaire.

The NBA legend was able to knock down the door to billionaire status by increasing his ownership stake in the Charlotte Hornets from 80 percent to 89.5 percent during the past several months. Forbes calculates that the Hornets are presently worth between $600 million and $625 million. This number was figured after considering the Milwaukee Bucks, who many consider the least valuable team in the league, sold for $550 million in May.

Forbes estimates that Jordan's equity in the franchise is worth roughly $416 million after deducting team debt. So this number combined with Jordan's net worth of $600 million outside of the Hornets allows us to arrive at a figure in excess of $1 billion.

Hey, not bad for a guy who was once cut from his high school team.

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