Michael Jordan becomes first athlete to crack Forbes 400 list – VIBE.com

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Michael Jordan’s net worth has exceeded $3 billion, making him the richest athlete in America

The NBA icon is the first athlete to be named to the list Forbes 400 list, ranking the wealthiest entrepreneurs, tycoons and business figures in the United States. Jordan’s inclusion on the list is a byproduct of his recent sale of his majority stake in the NBA’s Charlotte Hornets, which was valued at $3 billion in August, the second time an NBA team has achieved the highest valuation to date .

Before the deal, the 60-year-old had ceded majority control to Plotkin and fellow hedge fund founder Rick Schnall. According to Forbes, the deal is even more lucrative than the $1.7 billion the outlet estimated the Hornets were worth last year.

In 2006, Jordan purchased a minority stake in the Hornets (then known as the Bobcats) and became the first NBA player to become a majority owner of the team when he increased his stake in the team in 2010. Ho purchased the team from BET founder Robert L. Johnson for $175 million, a $3 billion sale that left the Chicago Bulls with a net worth of 17 times their initial investment. Previously, he sold 20% of the Hornets to Melvin Capital founder Gabe Plotkin and D1 Capital Partners founder Daniel Sundheim in 2019 for $1.5 billion.

“Michael is one of the few guys who has had it three times,” said Ted Leonsis, owner of the Washington Wizards, Mystics and Capitals, who worked with Jordan several times over the decades. A business transaction. “A lot of entrepreneurs, they get it right the first time. They hit it big, take the bonus, retire, and then (we) never hear from them again, or they try something a second time and it doesn’t work out. “He had three huge successes. ”

The six-time NBA champion has earned an estimated $94 million on the court during his NBA career, while his off-court endorsements and other deals have earned him an estimated $2.4 billion (pre-tax) to date. Jordan is currently involved in multiple ventures, including a premium tequila brand, a NASCAR Cup Series team, and stakes in companies such as DraftKings, CLEAR, Dapper Labs and more.