NBA Hall of Famer Michael Jordan, better known today as the majority owner of the Charlotte Hornets, is now a billionaire based on the increased interest in his franchise and its rise in value.
Jordan, ironically, could thank disgraced Los Angeles Clippers owner Donald Sterling for an assist in his new status. Plans for former Microsoft executive Steve Ballmer to purchase the Clippers for $2 billion has lifted the value of
NBA clubs in general, The Washington Post reported.
"Jordan has, over the last few months, increased his stake in the Charlotte Hornets to 89.5 percent (up from 80 percent)," the Post wrote. "If you paid any attention whatsoever to what has happened to NBA franchises since Steve Ballmer purchased the Los Angeles Clippers two weeks ago, you'll know how significant that is, even for the Hornets."
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Forbes' Mike Ozanian wrote that Jordan was pulling in an annual $90 million with an overall net worth of $750 million before he increased his interest in the Hornets to nearly 90 percent.
"Sports bankers say the Hornets are presently worth between $600 million and $625 million," Ozanian wrote for Forbes. "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 was one of the first owners to speak out against Sterling, who allegedly made racist comments to then-girlfriend V. Stiviano, resulting in NBA commissioner Adam Silver banning him from the league for life. It also led to Clippers, a team that reached the second round of the NBA playoffs this season, to be put on the auction block.
"There is no room in the NBA — or anywhere else — for the kind of racism and hatred that Mr. Sterling allegedly expressed," Jordan said in April when the scandal first broke. "I am appalled that this type of ignorance still exists within our country and at the highest levels of our sport."
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