NBA News: Michael Jordan Keeps Rising, Net Worth Now Valued Over $1 Billion
Michael Jordan made a name in the sports world by collecting NBA rings; years after his retirement from the league he’s still collecting a lot of winnings off the court.
Considered the “greatest player of all time”, the current owner of the Charlotte Bobcats (formerly the Hornets) has now an estimated net worth of $1 billion according to a Forbes article on Thursday.
“In February, my colleague and the Dean of athlete earnings, Kurt Badenhausen, pegged Jordan’s annual earnings at $90 million and his net worth at $750 million. But I have learned from sources familiar with the Charlotte Hornets that the former NBA great has increased his stake in his basketball team to 89.5% from 80% during the past several months,” reports Mike Ozanian.
“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,” concluded the Forbes staff reporter.
“Profitability was up across the board in the NBA’s first full season since the 2011 lockout was settled. Operating income doubled to an average of $23.7 million, the highest since Forbes began calculating NBA valuations in 1998,” states a separate article from Forbes on January 11, 2014. “Former perennial money losers like the Charlotte Bobcats, Milwaukee Bucks and Memphis Grizzlies all turned a profit last season thanks to at least $10 million each in revenue sharing.”
With money coming in for the Bobcats—and their recent success for the year in making the 2014 NBA Playoffs—Jordan’s investment on the team is paying off.