Don’t tell Andrew Bogut I’m sharing this news.
Michael Jordan is now a billionaire.
I have learned from sources familiar with the Charlotte Hornets that the former NBA great has increased his stake in his basketball team to 89.5% from 80% during the past several months.
sports bankers say the Hornets are presently worth between $600 million and $625 million.
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
It sounds as if Jordan is buying shares of the Hornets for less than they’re valued by Forbes. Otherwise, he’d just be converting his outside worth into equity in the team rather than gaining net worth.
Perhaps that’s savvy negotiating by Jordan as NBA franchise values rise. Maybe the price for him to accumulate more shares was set when he originally bought the team. It could be some of both.
Either way, Jordan is making money.
LeBron James once said he wants to become the first billionaire athlete. This is just another way he’s still stuck Jordan’s shadow.
Maybe LeBron can try to get there second. The first spot is gone forever.
Joel Embiid‘s minute limit of below 20 bummed out everyone (especially Embiid).
But good news could be on the way.
Keith Pompey of The Inquirer:
The 76ers look like a borderline playoff team, Embiid’s health the biggest variable. There’s a direct correlation between his ability to stay on the court and Philadelphia’s postseason chances.
Plus, he’s just so darn fun to watch. The more he plays, the bigger victory it is for every viewer not rooting for the 76ers’ opponent that night.
John Henson was on the trade block. Greg Monroe seems permanently affixed there.
Another player the Bucks apparently want to deal? Rashad Vaughn, who was the No. 17 pick in 2015.
Adrian Wojnarowski of ESPN:
Milwaukee has been working to trade several players to clear salary-cap space, including guard Rashad Vaughn and center John Henson, league sources said. The Bucks have been willing to attach a second-round pick in offers for Vaughn, league sources said.
It’s unclear whether the Bucks are still as motivated to move Vaughn. They slid under the luxury-tax line by stretching Spencer Hawes. One-time target Richard Jefferson already signed with the Nuggets. A roster vacancy and cap savings might not matter as much anymore to Milwaukee.
But Vaughn has struggled in two NBA seasons. The Bucks might be better off trying to develop someone else, even a D-League player, over the 21-year-old Vaugh.
Vaughn is due $1,889,040 this season. He faces a $2,901,565 team option for next season, which his team must decide on by Oct. 31. It seems unlikely that will be exercised.
This is what happens when you draft players for the wrong reason.
Richard Jefferson announced his retirement after the Cavaliers won the 2016 championship, changed his mind, re-signed with Cleveland then played another season there. He played big playoff minutes for the Cavs both years.
But they traded him to the Hawks (who waived him, allowing him to sign with the Nuggets) in a rather abrupt end to his Cleveland tenure.
His exit could have been far more strained.
Dave McMenamin of ESPN:
Then he was nearly traded the summer after the championship because he revealed what the Cavs’ rings looked like on his Snapchat account before the team was ready to release them to the public. Then-GM David Griffin was so ticked that he was ready to ship him out of town, sources told ESPN, before eventually calming down and accepting Jefferson’s apology.
Talk about some petty nonsense. And Griffin was known for soothing tension!
Thankfully for Jefferson – at least if he wanted to stay in Cleveland – he revealed the ring design in September. As a newly signed player, he couldn’t be traded until Dec. 15. That gave Griffin time to cool down.
Carmelo Anthony wanted to be traded to the Houston Rockets. Badly. (Whether that was good for Houston is a different discussion.) His time in New York was over by mutual consent, but now was time to move on, however, thanks to a no-trade clause Phil Jackson gave him, Anthony had leverage. And he wanted to be a Rocket with James Harden and Chris Paul.
It looked at one point like a deal would get done between New York and Houston, then it fell apart. So what happened?
Phil Jackson was booted, that’s what happened, Anthony told Marc Stein the New York Times.
The delay to find a workable trade, in Anthony’s view, stemmed from the fact that Jackson was willing “to trade me for a bag of chips,” while Scott Perry, who became the Knicks’ new general manager after Jackson’s departure, took a harder line in trade talks with Houston and Cleveland that eventually fizzled.
“They went from asking for peanuts to asking for steak,” Anthony said with a laugh.
‘Melo can laugh, he landed in a good spot with Oklahoma City. He’s on a potential contender.
As for his feelings on Jackson and leaving the organization? Still some hard feelings there.
“There was no support from the organization,” he said. “When you feel like you’re on your own and then on top of that you feel like you’re being pushed out …”