Michael Jordan Becomes First Athlete To Make Forbes 400 List
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Michael Jordan’s net worth has reached upwards of $3 billion dollars, making him the richest athlete in the U.S.
The NBA icon is the first athlete to ever be included on the Forbes 400 list, which ranks the wealthiest entrepreneurs, moguls, and business figures in America. Jordan’s inclusion on the list is a byproduct of the recent sale of his majority stake in the NBA’s Charlotte Hornets franchise, which netted a $3 billion valuation in August, the second highest return for an NBA team to date.
Prior to the deal, the 60-year-old had ceded majority control to Plotkin and another hedge fund founder, Rick Schnall. According to Forbes, the deal was even more lucrative than the $1.7 billion the outlet estimated the Hornets were worth just last year.
Purchasing a minority stake in the Hornets, then known as the Bobcats, in 2006, Jordan later became the first NBA player to be a majority owner of a franchise after increasing his share of the team in 2010. Ho bought the franchise from BET founder Robert L. Johnson for $175 million, and the $3 billion sale nets the Chicago Bull’s great 17 times his initial investment. He had previously sold 20 percent of his stake in the Hornets to Melvin Capital founder Gabe Plotkin and D1 Capital Partners founder Daniel Sundheim for $1.5 billion in 2019.
“Michael’s one of the few people that have had success three times,” says Ted Leonsis, the Washington Wizards, Mystics, and Capitals owner, who has worked with Jordan on several business deals over multiple decades. “A lot of entrepreneurs, they make it once. They have a big win, take their winnings, retire and [we] never hear from them again, or they try something a second time and it doesn’t work. He’s had three mega successes.”
During his NBA career, the six-time NBA champion raked in an estimated $94 million on the court, with his off-court endorsements and other dealings earning him an estimated $2.4 billion (pre-tax) to date. Jordan is currently involved in several endeavors, including a premium tequila brand, a NASCAR Cup Series team, and stake in DraftKings, CLEAR, Dapper Labs, and more.
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