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.
DENVER (AP) — The Denver Nuggets have hired veteran NBA coach Bob Weiss as an assistant on Michael Malone’s staff and announced the hiring of Calvin Booth as an assistant general manager.
Weiss has coached 31 seasons in the NBA, including the last four as an assistant with the Charlotte Hornets. He’s been a head coach with four teams, compiling a 223-299 career record with the Spurs, Hawks, Clippers and SuperSonics.
Prior to coaching, Weiss played a dozen seasons in the NBA.
Also Wednesday, the Nuggets made official their hiring of Booth, 41, who spent the previous four seasons in the Minnesota Timberwolves front office, serving as director of pro personnel last season.
Booth has quietly emerged as a respected evaluator of talent. He was one of the holdovers in the front office when Tom Thibodeau was hired to take over last summer as president of basketball operations and coach.
After one season working under Thibodeau and GM Scott Layden, Booth left for a promotion with the Nuggets, taking a position that will give him more responsibility and a greater say in the direction of another young team on the rise in the Western Conference.
Booth joins a Nuggets front office that includes Tim Connelly, who was promoted earlier this summer to president of basketball operations, a move that allowed Denver to hold on to promising executive Arturas Karnisovas as the team’s general manager.
Booth spent 10 years as a player in the league. Four of those seasons were with the Washington Wizards while Connelly was working there. The two also worked together in New Orleans in 2012-13, when Connelly was the assistant GM and Booth was a scout.
Kings big man Zach Randolph is charged with possessing marijuana with intent to sell, a felony – not because law enforcement has evidence Randolph planned to sell the drug, but because of the amount of the drug found.
Randolph’s agent/attorney denied the allegations.
Also sticking up for Randolph? Rasheed Wallace, who played with Randolph on the Trail Blazers.
Wallace, via TMZ:
“It seems to be — no matter who you are — the bigger the paycheck, the bigger the party,” Sheed says.
“I know for a fact he ain’t no dope dealer.”
Charging someone for intending to distributing drugs without any proof he intends to distribute drugs is hazardously lazy. Randolph – who has earned about $175 million in his career and is on a two-year, $24 million contract with Sacramento – can afford more marijuana than most. That doesn’t mean he plans to sell it.
The stakes are high for Randolph. If he’s convicted of “a felony involving the distribution of marijuana,” per the Collective Bargaining Agreement, he’d be banned from the NBA for at least two years.
Remember when Turkey revoked Enes Kanter‘s passport?
That looms over the Thunder’s Dec. 7 game against the Nets in Mexico City.
Fred Katz of The Norman Transcript:
Without a valid passport, he is unable to travel to another country other than Canada, which allows entry from U.S. residents who have a Green Card. There is no such agreement with Mexico.
Kanter could receive a re-entry permit, a special document issued to citizens of other countries whose passports have been canceled for reasons the U.S. government deems unsuitable. The permit would allow Kanter to leave the U.S. for another country, such as Mexico, and still return. And the plan is for Kanter to acquire one before OKC’s game in Mexico City. Still, he is yet to receive a re-entry permit, according to a source with knowledge of the situation. There is, however, still ample time for that process to complete.
Kanter is a high-profile millionaire working for a billion-dollar company that has a vested interest in getting him to Mexico. He likely works this out.
LeBron James denied wanting to fight Kyrie Irving, but wanting to meet with his for-now Cavaliers co-star? That might be another story. Likewise, Irving – in light of his trade request – might not be eager to meet with LeBron.
Tony Rizzo of ESPN Cleveland, as transcribed by Jackson Flickinger of King James Gospel:
“From very reliable sources. Plural. Kyrie and LeBron were in the same room over the weekend in Florida…Apparently these guys were in the same room and here’s the deal. I don’t know if there’s a thawing out process. All I do know is LeBron didn’t punch Kyrie the way Stephen A thought he would. I can report that. As for what they talked about or discussed…it was very cool. They didn’t get into any heated discussions.”
Did LeBron and Irving actually meet? Both were spotted in Miami, but maybe someone is just connecting dots that don’t belong connected.
Whether or not LeBron and Irving met, they might need to soon. Cleveland will have a tough time getting its desired return for Irving before the season, and Cavs owner Dan Gilbert discussed the possibility of Irving returning. LeBron isn’t getting traded.
No matter the disconnect between the two, LeBron and Irving might have to figure out how to work together a while longer. It’d be nice if that process has already begun.