According to a Forbes report, Jordan is valued as a billionaire because of his recent increased ownership stake in the Charlotte Bobcats. The actual mathematical explanation:
The former NBA great has increased his stake in his basketball team to 89.5% from 80% during the past several months.
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. Sports bankers say the Hornets are presently worth between $600 million and $625 million. The Milwaukee Bucks sold for $550 million May, and they are considered the least valuable team in the league.
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’s been on quite a media tour this week. He made a surprise visit to the Hornets Nest Elementary School in Charlotte, North Carolina and shouted “Let’s go, Hornets!” You can watch the clip here to see the kids’ reactions. He also appeared on Jimmy Kimmel Live—who’s been doing a series of Finals pre-shows, for a segment where Kimmel tried to figure out what Jordan could actually palm with his hand. The list of items included a honeydew melon, a bowling ball, a frozen turkey and more. You can watch the full segment here:
When the Finals are over, we suggest Kimmel play the same game, but invite Kawhi Leonard and his big hands to conquer everything.
Follow me on Twitter @steven_lebron