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Lifestyle June, 12 2014

Michael Jordan is Now a Billionaire

According to Forbes, Michael Jordan is now a billionaire due to an increase in his stake of the Charlotte Hornets to 89.5% from 80%. Sports bankers say the Hornets are presently worth between $600 million and $625 million USD. The Milwaukee Bucks sold for $550 million USD in May, and they are considered the least valuable team in the league. Forbes‘ net worth figure for Jordan uses the $600 million figure. The Hornets have $135 million USD of debt, which makes Jordan’s equity in the team worth $416 million USD. After subtracting all the cash Jordan has invested in the team, they estimate his net worth outside of the Hornets to be $600 million USD, giving him a net worth of a $1 billion USD.

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