What's Good? Michael Jordan!
The NBA champ and Hall of Famer is the newest member of the billionaires club due to his increased stake in the Charlotte Hornets (formerly the Bobcats), reports Forbes.
Writer Mike Ozanian says he recently learned Jordan upped his ownership in the team from 80 percent to 89.5 percent during the past several months. The report states:
"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."
Jordan initially became an investor in 2006 and maintained full control in 2010 after he bought the franchise from BET founder Robert Johnson for $175 million. In January, the Hornets were valued at $410 million, but are presently estimated to be worth between $600 million and $625 million.
Jordan's outside ventures include Gatorade, Hanes, Upper Deck and more, as well as the ever-profitable Nike brand.
It's been a banner year for Jordan who saw his Hornets in the playoffs for the second time since he acquired the team. Additionally, he and wife Yvette Prieto welcomed identical twin daughters in February.