Michael Jordan proves that it’s possible to strike gold twice in a lifetime. Not only is the former basketball god superrich from his Nike Air Jordan shoe brand, but it looks as if his investment in the Charlotte Hornets has paid off, too.
According to Forbes’ annual NBA-franchise valuations, Jordan, the Charlotte Hornets’ majority owner, is on track to see the value of his investment quadruple since 2010. The money mag estimates that the Hornets are now worth $1.05 billion—which is 28th among the 30 NBA franchises, but shows a rise in value of 35 percent.
The Charlotte Observer reports that the franchise had a value of $287 million when Jordan reportedly shelled out only $30 million in cash when he bought majority ownership from founding owner and billionaire Bob Johnson in 2010. Most of Jordan’s financial responsibility was assuming debt that Johnson took on as part of the start-up costs of the franchise’s expansion in 2004.
It looks like ownership with a star like Jordan worked out all around. Forbes notes that the Hornets have approximately 11,000 season-ticket holders, and the Charlotte Observer recently reported that the team made advertising deals on its uniforms with LendingTree (valued at $5 million a year) and the Jordan Brand. Charlotte will be the only NBA team rocking the Jumpman logo.
Forbes also reports that for the first time, all 30 NBA franchises are worth $1 billion or more.
Ownership has its privileges. Come through, Diddy, et al., for that NFL joint!