Celebrity Net Worth: Michael Jordan cashes in on Hornets stake in $3bn deal

Basketball star Michael Jordan has shown how an astute investment can turn into a multibillion-dollar payout. The athlete-turned-businessman has agreed to sell the bulk of his majority stake in the NBA’s Charlotte Hornets team to an investment consortium, the team announced last week. The financial terms of the deal were not disclosed and Jordan’s exact stake is unknown. However, sources close to the deal put Jordan’s payout at about $3 billion, according to media reports. He bought the team for $275 million in 2010 from BET cable television’s Bob Johnson and will retain a minority stake in the franchise. Jordan, 60, is the richest former professional athlete in the world. Before the Charlotte Hornets' sale, he had a net worth of $2 billion, according to Forbes magazine. The six-time NBA champion and Olympic gold medallist was one of the first athletes to turn his name into a branded business, teaming up with Nike to launch the Air Jordan trainers in 1984. Jordan and Nike subsequently launched the Jordan Brand, releasing shoes and apparel, including with other popular artists. The partnership brought in $5.1 billion in 2022, according to Front Office Sports, with the athlete earning 5 per cent of that total, or $256.1 million. During his career, Jordan endorsed brands such as Gatorade, Hanes and McDonald’s. About $1.8 billion of his total earnings comes from endorsement and corporate equity deals, Forbes estimates. Off the court, he owns several restaurants, including the upscale Michael Jordan’s Restaurant in Chicago, a chain of steakhouses in Connecticut, Washington state and Chicago, as well as other brands such as 1000 North in Jupiter, Florida. Jordan's investments focus on sport and technology. In March, he joined Kevin Durant and others in a $305 million funding round in Dapper Labs, the company behind virtual trading-card platform NBA Top Shot. He has also invested in eSports company aXiomatic, estate planning FinTech Vanilla, NFT marketplace Metaplex, headphone brand Muzik, projects builder Gigster and Premier League side AFC Bournemouth. Grammy-winning musician Paul Simon has sold a “substantial stake” of his work to music label BMG, the company said last week. The acquisition includes his royalty income in Simon & Garfunkel recordings, as well as his neighbouring rights, which are royalties from public performances of his songs. The sale includes chart toppers such as The Sound Of Silence , Mrs Robinson , The Boxer and Bridge Over Troubled Water . The songs have been streamed hundreds of millions of times over the years. The terms of the transaction were not made public. The deal does not cover Simon’s solo work. He sold all his rights in his publishing catalogue to Sony Music Publishing in 2021 for about$250 million, according to Forbes . “In any list of the true greats, Paul Simon stands as one of the pillars of popular music history. We will play our part to ensure his music continues to be honoured and respected,” said Thomas Scherer, president of repertoire and marketing at BMG. Over the past few years, BMG has acquired the rights and/or royalties for work by artists such as Tina Turner, Motley Crue, John Legend, ZZ Top, Mick Fleetwood, Simple Minds, Primal Scream and, most recently, The Hollies. Simon & Garfunkel were among the most successful acts of the 1960s, with more than 100 million records sold. Simon, 81, has a net worth of $200 million, according to Celebrity Net Worth, which tracks the wealth of the rich and famous. Income from record sales and tour tickets has contributed to that figure. Simon has sold about 30 million records as a solo artist. His music attracts 9.1 million listeners on Spotify each month, while Simon & Garfunkel’s tracks average about 12 million monthly listeners on the platform. Simon’s last tour in 2018 grossed more than $31 million, according to data tracker Pollstar. Outside of music, Simon has largely invested in property. With his wife, singer Edie Brickell, they own properties in New York's Montauk village and a ranch in Allen, Texas, according to Celebrity Net Worth. Bollywood actor Sanjay Dutt has invested in Indian beverage start-up Cartel & Bros. The actor’s role in unclear but it appears likely that he will take an ambassadorial role. “Happy to be a part of Cartel Brothers,” Dutt posted on Instagram. “Looking forward to working together on more product launches. Wishing everyone happiness and blessings.” The company aims to make international beverages available at cheaper prices to a growing Indian market. It has leased a factory in Scotland to manufacture its products. Dutt, 63, has a net worth of $30 million, according to Celebrity Net Worth. His income stems principally from his work as an actor and producer on more than 100 films over a 40-year period. Brand endorsements also contribute to his income, with Dutt reportedly charging more than 50 million Indian rupees ($607,000) a project. He has recently begun investing in start-ups. A notable foray was Indian trainers marketplace DawnTown earlier this year. Formula One driver Lewis Hamilton has reinvested in plant-based food brand Neat Burger in a recent series B round. The round raised $18 million for the plant-based food group. The fundraising exercise was completed in October, the company said in a recent statement. The company, which operates restaurants in the UAE, the UK and the US, is now valued at $100m. Its Dubai branch opened in October . Actor Leonardo DiCaprio is also an investor in Neat Burger. The round attracted the interest of notable new investors including US investment bank LionTree, New Theory Ventures, Real Madrid goalkeeper Thibaut Courtois and model and actress Sara Sampaio. Neat Burger will use the funds to expand its global reach, with new outlets across the Middle East and in Europe, principally in Italy. The brand aims to inspire consumers to adopt a meat-free and flexitarian lifestyle. “The response to Neat Burger since we opened has been incredible. I’m really proud of the boundaries we have been able to push in this space and the plans for expansion are really exciting,” Hamilton said. Hamilton, 38, has a net worth of $285 million, according to Celebrity Net Worth estimates. The Mercedes driver earned $65 million in the 12 months to May, Forbes magazine estimates show. However, his contract with Mercedes expires at the end of the 2023 season and a new deal has yet to be agreed. There have been media reports of an offer from Ferrari but Hamilton has denied a move. He has repeated his desire to stay with Mercedes until the end of his career, perhaps even taking on an ambassadorial role after he retires. It has been speculated that his new contract could run for two years for a total value of £100 million ($127.1 million). Outside racing, Hamilton has been building a private equity investment portfolio. He adopted a plant-based diet in 2017 and many of his investments align with the alternative foods philosophy, including Chilean vegan producer NotCo and supplements brand Athletic Greens.

Celebrity Net Worth: Michael Jordan cashes in on Hornets stake in $3bn deal

In our fortnightly celebrity investment and wealth round-up, musician Paul Simon sells a share of his music royalties to BMG and Sanjay Dutt invests in Indian beverage start-up Cartel & Bros