Michael Jordan is now the newest BILLIONAIRE and according to Forbes this new billion dollar fortune is not due to his Jordan sneaker line or his investments in private prisons.. In fact Forbes claims that Jordan’s new wealth is courtesy of his increased stakes in the Charlotte Bobcats.
Forbes originally pegged Jordan’s annual earnings at $90 million and his net worth at $750 million earlier this year. But has now learned that the ex NBA player has increased his stake in the Charlotte Bobcats team to 89.5% from 80% during the past several months.
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.
FORBES
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