Michael Jordan Team owner

Hornets owner jordan is reportedly now on the list of billionaires around the globe. (AP Photo/Chuck Burton)

Charlotte Hornets owner and NBA hall-of-famer Michael Jordan happens to be a billionaire after increasing his share in the staff, in accordance with a written report from Forbes.

In accordance with Forbes, Jordan, whose net worth was approximated at $750 million early in the day this season, increased their risk inside Hornets to 89.5 per cent from 80 %.

Jordan became the managing owner associated with the team four years back as he bought away former owner Robert Johnson for $175 million.

Forbes estimated in January the team, previously referred to as Bobcats, were really worth $410 million. They rank 29th when you look at the NBA in front of only the Milwaukee dollars, who have been sold in-may for a then-record $550 million.

Much more from Forbes:

Our web well worth figure for Jordan makes use of the $600 million figure. The Hornets have actually $135 million of financial obligation, making Jordan’s equity within the group worth $416 million. After subtracting most of the cash Jordan has committed to the group, we estimate their net well worth outside of the Hornets become $600 million, providing him a net well worth of a $1 billion.