Report: Michael Jordan Now A Billionaire After Increasing Stake in Hornets

Michael.JordanThe greatest player in the history of the NBA can now add billionaire to his résumé.

According to a Forbes report, basketball great Michael Jordan is now part of the billionaire club after increasing his stake in the Charlotte Hornets (formerly the Bobcats).

He became an investor in the franchise in 2006, and gained control of the team in 2010 when he bought out Robert Johnson’s share for $175 million. Recently, Jordan increased his stake from 80 to 89.5 percent.

Jordan’s annual income was estimated at $90 million and his net worth at $750 million in February of this year. But with his increased interest in the team, his net worth has also risen.

Outside of the team, Jordan’s worth is said to be around $600 million. His equity with the team is $416 million, putting him over the billion dollar mark.

Though bankers are estimating the value of the Hornets between $600 and $625 million, the sale of the Los Angeles Clippers shows that the value of Jordan’s team could increase as well.

As for the team on the court, the Hornets are looking to build upon their second-best season in franchise history. This past season saw them win 43 games and clinch a playoff spot for just the second time ever. They did, however, fall to the Miami Heat in the opening round.

Jordan can’t lace up the shoes and put a uniform on anymore, but with his money and large stake with the team, he might be able to build a consistent contender for the fans in Charlotte.

Photo via Twitter/@wsoctv