Michael Jordan’s Wealth on the Rise

[Sharingbuttons]Michael Jordan’s wealth has climbed by an additional $350 million in the last year, and now his total is standing at a whopping $1.65 billion as reported by Forbes.

That increase was caused by Charlotte Hornets, the NBA franchise that he invested in, in 2006. He then became the controlling owner of a team when he bought out Robert Johnson for $175 million and he now owns approximately 90% of the franchise.

The rising team value which was estimated at %1.05 billion in February and the continued success of Nike’s Jordan brand pushed his net worth up. Michail Jordan is now the 1377th wealthiest person on the planet from last year. Benefitting from the Hornets’ new TV deal with FS Southeast that will officially next season. Fox will pay the Hornets approximately $20 million up from 14 million this season.

Even though the Hornets are in a losing season and will miss the playoffs for the second time, they might pick 11th in the NBA draft this June. Even though they are making MJ rich.