Michael Jordan and billionaire Mark Cuban’s 2015 venture is now worth a gigantic $8 billion, increasing their enormous net worth.
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Jordan had a fantastic NBA career, winning six championships with the Chicago Bulls. Jordan was the most marketable athlete in the NBA at the time, with some of the most lucrative endorsement deals. Even after retiring, he had a keen eye for business and investments, making him the first athlete billionaire.
Mark Cuban built his fortune as a tech-savvy entrepreneur. It’s not surprising that he saw a chance with Sportradar. Michael Jordan, on the other hand, has gone to considerable efforts to diversify his assets.
6) Outside of the Hornets, Michael Jordan has worked hard to diversify his investment portfolio.
In 2015, Michael Jordan and Mark Cuban participated in a $44M funding round for sports data company Sportradar – which is currently valued at $2.5 billion.
— Joe Pompliano (@JoePompliano) August 26, 2020
The Hornets’ governor has invested in a variety of businesses, including other internet brands such as Gigster. He’s gotten even more adept at distributing his fortune across multiple industries.
It’s not surprising that he saw a chance with Sportradar. Michael Jordan, on the other hand, has gone to considerable efforts to diversify his assets. Given Jordan Brand’s consistent revenue, one might expect Michael Jordan to branch out beyond shoes.
Michael Jordan and Mark Cuban’s joint investment yielded $8 billion in dividends
Both Charlotte Hornets owner Michael Jordan and Dallas Mavericks owner Mark Cuban invested in a fledgling sports startup called Sportradar in 2015. Six years later, that investment might pay off handsomely.
Sportradar has made a lot of money in recent years and just went public on Tuesday. Early appraisals indicate that Jordan and Cuban stand to profit, especially given Sportradar’s prominence in sports betting.
5) When it comes to investments, the Charlotte Hornets might be Michael Jordan’s best.
In 2010, Jordan paid $180M to own 97% of the team.
After a decade of losing, Jordan sold 20% of the team in 2019 – which valued the franchise at $1.5 billion. pic.twitter.com/I1gEnTSOts
— Joe Pompliano (@JoePompliano) August 26, 2020
The two were part of a $44 million fundraising round that took place in 2015. Sportradar was valued at $2.5 billion in 2020 after five years of its investment. Jordan and Cuban had already made tremendous profits. Nonetheless, the corporation continued to expand fast. Sportradar went public last year with an $8 billion value.
In September of last year, the sports betting and data startup made its Wall Street debut. Jordan was present and rang the Sportradar opening bell.
On your mark, get set… GO! 🛎🎊
Alongside Michael Jordan, @Sportradar rings the Opening Bell in celebration of their listing on @Nasdaq! 🎉 #SportradarIPO pic.twitter.com/YKIVzGd01i
— Nasdaq Exchange (@NasdaqExchange) September 14, 2021
Sportradar went public with shares priced between $25 and $28. When the market ended, it had raised approximately $513 million. The corporation was valued at $8 billion, but it has since decreased to $7.4 billion. Regardless, MJ and Cuban would undoubtedly earn a fortune.
According to Sportico, the NBA-Sportradar agreement is worth $1 billion. Following the long-term deal, NBA will also acquire a 3% interest in the company. Sportradar also has an arrangement with the NHL, thus they are now working with two of the world’s most powerful leagues.
Also, read – 4x NBA champion Stephen Curry’s shocking revelation on winning post Kevin Durant’s exit
