Michael Jordan Crowned First Billionaire Athlete
Michael Jordan is a household name for several reasons: his unmatched basketball skills, business acumen and now for being the first billionaire athlete. In a recent report by Forbes, Jordan reached the billionaire threshold after increasing his stake in the Charlotte Hornets from 80 percent to 89.5 percent.
Jordan became the majority owner of the North Carolina franchise in 2010 after buying out Robert Johnson for $175 million. The Hornets are presently worth between $600 million and $625 million, so much of Jordan's net worth comes from owning a vast majority of the franchise. Outside of the Hornets, however, Jordan has made much of his fortune from his deal with Nike, which brought in $2.25 billion just last year.
Celebrations are definitely in order for the NBA great. Welcome to the billionaires club, Mr. Jordan.
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