Charlotte Hornets owner and NBA Hall of Famer Michael Jordan is now a billionaire after increasing his stake in the team, according to a report from Forbes.
According to Forbes, Jordan, whose net worth was estimated at $750 million earlier this year, increased his stake in the Hornets to 89.5 percent from 80 percent.
Jordan became the controlling owner of the team four years ago when he bought out former owner Robert Johnson for $175 million.
Forbes estimated in January that the team, formerly known as the Bobcats, were worth $410 million. They rank 29th in the NBA ahead of only the Milwaukee Bucks, who were sold in May for a then-record $550 million.
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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.PHOTOS: 100 Best NBA Finals Photos