Forbes reports that billionaires own nearly half of all sports teams, but with NBA team value catapulting so quickly since last year, it makes one wonder if these billionaires have lasting power.
Michael Jordan’s increasing value in the Charlotte Hornets made him a first-time entrant on the Forbes billionaires list with an even $1 billion. The top sports billionaire is Steve Ballmer, who is worth $21.5 billion. It was Ballmer’s purchase of the LA Clippers last year for an unprecedented $2 billion that rose the value of other teams such as the Hornets.
Forbes, says NBA teams increased in value by 74% over last year.
Read the article in Forbes here: