NBA icon Michael Jordan set to increase net worth further and cement billionaire status
Dailystar.co.uk
2 min read
NBA icon Michael Jordan set to increase net worth further and cement billionaire status
Michael Jordan is set to earn $2bn in profit from selling his shares in the Charlotte Hornets.
The six-time NBA champion has reportedly agreed to sell his shares in the club to bring down the curtain of 13 years of ownership at the team. It is set to be the seventh most expensive sale price in sports franchise history.
Further reports understand he will keep his toe in the water at the Hornets by retaining a minority stake in the team, he bought in 2010. Other details claim he still had a say in the players the team selected in the NBA draft.
When he does eventually cash in, Jordan’s will enshrine himself as a billionaire and treble his own net worth.
Read More: NBA Draft star who outshone Michael Jordan died within 48 hours of being picked
The $2bn profit he is expected to earn will surpass the $1.8bn he has made over the course of his 40 year affiliation with Nike. Jordan bought the Hornets from then owner and BET co-founder Bob Johnson for $180m.
At the time, they were still known as the Charlotte Bobcats, but he went on to rebrand them to the Hornets. It’s also understood Jordan only put down $25m in cash on the equity valuation with the remaining millions of the purchase being leveraged from existing debt on the team’s business.
What is your verdict on Michael Jordan's time as owner of the Charlotte Hornets? Let us know in the comments section below
At the end of his playing career, Spotrac understands he earned $93,877,500 in total case. He was also paid $250,000 in signing bonuses alone.
Their ever-increasing value has resulted in the team commanding a net worth more than 11 times greater than the average NFL, NBA, and MLS franchises. Unfortunately, this financial success has not translated into any real success on the court.
Over the course of his ownership, the Hornets have competed in 15 playoff games and exited at the first round on three occasions. They are yet to win an NBA championship despite earning a lottery pick six times since 2004.
While he would have wished he could have added his first championship as an owner, Jordan will depart the Hornets with a smile on his face and a king’s ransom in his bank account.
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