Michael Jordan Reportedly a Billionaire After Increasing Stake in Hornets

Mike ChiariFeatured ColumnistJune 12, 2014

CHARLOTTE, NC - APRIL 16:  Michael Jordan, Owner of the Charlotte Bobcats gets happy during the game against the Chicago Bulls at the Time Warner Cable Arena on April 16, 2014 in Charlotte, North Carolina. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement.  Mandatory Copyright Notice:  Copyright 2014 NBAE (Photo by Kent Smith/NBAE via Getty Images)
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Michael Jordan is considered by many to be the greatest basketball player of all time, and to put icing on the cake he is now a billionaire, too.    

According to Mike Ozanian of Forbes, Jordan recently increased his ownership stake in the Charlotte Hornets from 80 percent to 89.5 percent, which put MJ over the billionaire threshold. The Hornets are reportedly worth somewhere between $600 million and $625 million, so much of Jordan's net worth comes from owning the vast majority of the franchise.

The Hornets, who were formerly known as the Bobcats, have been one of the NBA's worst teams since entering the league in 2004. They reached the playoffs this past season, however, and there is plenty of excitement surrounding the team now that the name has been changed to reflect Charlotte's original NBA franchise.

After the New Orleans Pelicans dropped the Hornets nickname, it became available and Jordan jumped at the chance to bring it back home.

According to ESPN.com, Charlotte basketball fans wanted the Hornets nickname back in the fold, so His Airness decided to make it happen. 

"Let's bring the buzz back, and bring that energy back on the basketball court and make this city proud again," Jordan said in May. "We spoke to our season ticket holders and fans, and overwhelmingly you guys wanted the Hornets name back. And we went out and brought the name back."

Chuck Burton/Associated Press

The name alone won't be enough to take the franchise back to prominence, but there is no question that the Hornets are also starting to move in the right direction on the court. As the team gets better and starts to make consistent playoff appearances, the value of the franchise is bound to increase.

That means Jordan's value will increase as well, but he has to be quite happy with the title of billionaire in the meantime.

As Kathryn Dill of Forbes pointed out, the appeal of Jordan simply hasn't worn off after all these years:

Jordan has been a major success across multiple platforms, so it shouldn't come as a huge surprise that he has reached mogul status.

His success as an owner is something that is absolutely fantastic for the league and it's nice to see he has been rewarded for everything he has contributed to the sport of basketball.

 

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