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Report: Jordan now a Billionaire after increasing stake in Hornets

Jordan has now joined the Billionaire's club
Jordan has now joined the Billionaire's club

Known by many monikers, including being the man who helped generate the revenue to build the Chicago Bulls current digs, Michael Jordan can now be called a billionaire.

According to a report by Forbes, Jordan increased his stake in the Charlotte Hornets to 89.5% from 80% during the past several months.

Our net worth figure for Jordan uses the $600 million figure. The Hornets have $135 million of debt, which makes Jordan’s equity in the team worth $416 million. After subtracting all the cash Jordan has invested in the team, we estimate his net worth outside of the Hornets to be $600 million, giving him a net worth of a $1 billion.

Jordan became the Hornets, then Bobcats, controlling owner back in 2010 when he bought out former owner Robert Johnson. If the reports are true, then Jordan becomes the first US professional athlete to become a billionaire.

Of course, Jordan also has involvement with his footwear and apparel line with Nike that has grown into a $2 billion business, which equates to almost 10 percent of Nike's revenue. Jordan's take from that is about $75 million according to Forbes. The Jordan Brand has 58% market shares on U.S. basketball footwear.

This goes along with several of other long-standing endorsement deals, such as Gatorade and Hanes. Last year, Forbes estimated that his Airness made $90 million.

According to the report, the Hornets are presently valued between $600-625 million, which is where the $600 million figure is drawn from.

Jordan's next endeavor will be to add another piece to a team that went 43-39 during the regular season and earning the seventh seed in the Eastern Conference before being swept by the Miami Heat.

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