According to ESPN NBA Insider Adrian Wojnarowski, Houston businessman Tilman Fertitta has agreed to pay Rockets owner Les Alexander a record $2.2 billion for the franchise.
However, if the Rockets are worth that much, everyone with a share of the league including Charlotte Hornets majority owner Michael Jordan must be doing well.
It’s fair to say Jordan and key advisor Curtis Polk made a wise purchase when they bought out most of founding owner Bob Johnson’s interest in the expansion franchise six years after its inception.
Forbes, a nationally prominent business magazine, annually estimates the value of each of the 30 NBA franchises.
In February, Forbes ranked the Hornets 28th among 30 NBA franchises with a projected value of $780 million.
Back in December 2009, months before Jordan’s deal with Johnson, Forbes estimated the Bobcats’ value at $278 million.
That source said Jordan owned roughly 65 percent of the franchise, based on the purchase from Johnson, who continued to own a minority share.
