Another accomplishment to add to the resume of the greatest basketball player of all time, Michael Jordan is now a billionaire according to Forbes.
In February, Forbes estimated Jordan’s annual earnings at $90 million and his net worth at $750 million. But according to their sources, Jordan has upped his stake in the Charlotte Hornets from 80% to 89.5% tipping the scale of his net worth to the billionaire range.
The Milwaukee Bucks were sold in May for $550 million and are considered the least valuable team in the league. Sports bankers estimate the Hornets are worth between $600 million and $625 million.
They went with the lower figure of $600 million to estimate Jordan’s net worth. The Hornets have $135 million in debt which would make Jordan’s equity in the team worth $416 million. They subtracted how much Jordan invested in the team and estimated his net worth outside of the Hornets (including those sneakers you guys love so much) to $600 million giving him a grand total of $1 billion.
Welcome the newest billionaire Mr. Michael Jordan.
– Shaina Auxilly (@Shay_Marie)

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