It looks like Dr. Dre has new company in the billionaire boy’s club. According to reports, NBA legend and owner of the Charlotte Hornets Michael Jordan has also reached the financial milestone.
Forbes reports that the basketball icon graduated into his new status after increasing his stake in the NBA franchise from 80 to 89.5 percent 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,” the site explains. “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.”
Sources say The Hornets are worth between $600 and $625 million. Those earnings, combined with MJ’s net worth outside of the team, exceed $1 billion. Welcome to the club, Mr. Jordan!
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