A new television deal for the NBA team owned by Michael Jordan, the Charlotte Hornets, has just signed a lucrative deal with Fox Sports Southeast.
As reported on by the Charlotte Business Journal, “Starting next season, Fox will pay the Charlotte Hornets an annual rights fee in the low-to-high $20 million range, up from about $14 million this season, sources said.”
Fox Sports Southeast (FS Southeast) is one of 22 regional sports networks that Walt Disney is looking to acquire from 21st Century Fox.
This deal doubles the revenue from TV licensing, however the Hornet’s are in the lower quarter of the league’s 30 teams when it comes to television money, so this is still quite impressive for a team that has one of the lowest TV ratings in the NBA.
The Charlotte Hornets have only made it to the postseason three times in the last 13 seasons and are on the verge of a second-consecutive losing year.
Michael Jordan first invested in the Hornets in 2006, when they were called the Charlotte Bobcats, and in 2010 became the controlling owner after buying out Robert Johnson’s shares for $175 million. The NBA Hall of Famer increased his stake in the team four years ago to 90%, which resulted in a $1.05 billion increase in his net worth.
The Charlotte Hornets are now worth over $1 billion. It’s also worthy of noting that Michael Jordan is also the highest paid athlete of all-time, having made $1.85 billion when adjusted for inflation.
Jordan’s salary during his entire career totaled $90 million, but he has earned an additional $1.4 billion from corporate sponsors.
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