With the title of one of the greatest athlete’s of all time, NBA team owner, and an empire of a shoe company, it’s surprising that just now hall of famer Michael Jordan is now officially a billionaire, according to Forbes.
Former Chicago Bulls great Michael Jordan, 51, becomes the first ever professional athlete to become a billionaire.
Currently, Jordan is the majority owner of the Hornet’s NBA team now owning a 89.5% steak in the team compared to his previous 80% steak in the team, as reported by Forbes.
See how they came up with how Jordan hit the billion mark.
Jordan first became an investor in the Hornets (then the Bobcats) in 2006 and became the controlling owner in 2010 when he bought out Robert Johnson for $175 million. In January we valued the Hornets at $410 million. But the Milwaukee Bucks sold for $550 million in May, and they are considered the least valuable team in the league because of their market and arena. Sports bankers say the Hornets care presently worth between $600 million and $625 million.
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. -Mike Ozanian [Forbes Staff]
However, this doesn’t technically make him the first athlete to have ever hit the billionaire mark. Tiger Woods was on Forbes’ list of billionaires back in 2009 for a very short time of only two months before his car crash/cheating scandal and now does not appear on the list currently.