Dad News: How Michael Jordan Turned $25M into $2B

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This is a wild story about how Michael Jordan turned $25M into $2B…with a B.

To pay credit where it’s due, this juicy story was first dropped by the My First Million Podcast, which has become a staple of our daily diet. Highly recommended. Also, Joe Pompliano, on Twitter is constantly dropping killer sports stories.

Here’s the jist:

• Robert Johnson, founder of BET who sold to Viacom for $3B, was a partial owner of the Charlotte Hornets.

• When Robert needed a little financial pressure relief, he asked MJ if he wanted to buy his ownership stake of the Hornets.

• An ever-so-savvy business man, MJ agreed to put $25M cash down, borrowing the rest in debt on a $275 Valuation, getting a huge discount on the club, given that Robert purchased it for $300M.

• Just a couple weeks ago, the Hornets sold at a $3B valuation, on which, Jordan stands to personally make about $2B.

Boom! Well done. Still the GOAT.