Michael Jordan is a billionaire
Jonathan Daniel/Getty IMages
He's now the 513th-richest person in the United States with a net worth of an even $1.0 billion.
The skyrocketing values of NBA franchises is the main reason he broke the $1 billion mark.
He owns the Charlotte Hornets, which saw its value increase from $410 million last year to $725 million this year in the wake of the Los Angeles Clippers' $2 billion sale to Steve Ballmer.
Jordan's stake in the team is worth $500 million, according to Forbes.
Jordan bought the team for $275 million in 2010. That's looking like a wise investment, especially considering the league's massive new TV deal with ESPN and Turner. In the deal, which begins in 2016, the networks will pay the NBA an average of $2.66 billion per year. They paid around $930 million per year under the old deal. That works out to an extra $57 million in revenue per year for MJ's Hornets.
Jordan bought the team when franchise values for stagnating. Since then, they've exploded:
BusinessInsider.com
The rest of Jordan's worth comes from his Nike deal, which earned him $90 million in 2013 alone.
- GST revenue collection for April 2024 highest ever at Rs 2.1 lakh crore
- Top tourist places to visit in Mcleodganj in 2024
- 7 things to do on your next trip to Mcleodganj
- 9 most romantic sunset views across India
- 5 schools in Delhi, 1 in Noida receive bomb threats, searches underway
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market