Welcome Michael Jordan to the Billionaire Boys Club

If LeBron James had any hope of being the NBA’s first athlete-slash-billionaire, it seems that Michael Jordan has dashed any hopes of that happening.

Forbes Magazine recently took a look at Jordan’s books, originally pegging his annual earnings at $90 million and a net worth at $750 million. Our guess is that the learned colleagues at Forbes must’ve underestimated the love and need for “Brand Jordan.”

According to inside sources familiar with the Charlottes Hornets organization, Jordan has indeed increased his stake in his basketball team to 89.5%, which is up from 80% during the past several months. After buying out Robert “Bob” Johnson for $175 million to become the controlling owner of the Hornets (then the Bobcats) in 2010, Jordan has done everything he can to up his team’s profile and competitiveness since entering the owner’s box.

As the team was sent off to go fishing after making the NBA Playoffs, sports bankers estimate the team’s worth at between $600 million and $625 million. Using the former figure, subtracting the Hornets’ debt ($135 million) makes Jordan’s equity in the team at $416 million. Taking out all of the cash His Airness has invested in the team leaves his net worth outside of the Hornets to be $600 million, giving him an overall net worth of $1 billion.

Sorry, LeBron. There’s nothing wrong with being the number two most athletic billionaire in the world.

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