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Blog Entry

NBA owners make Forbes 400 richest Americans list

Posted on: September 22, 2011 4:58 pm
Edited on: September 22, 2011 5:01 pm
 
Posted by Ben Gollivernba-lockout

When the ongoing NBA lockout is framed as a battle between billionaire owners and millionaire players, it's often not an exaggeration.

Forbes.com released its annual list of the 400 wealthiest Americans this week, and more than a dozen NBA owners and minority owners appeared on the list, among the new school technology geniuses and old money investment titans.

The NBA's richest individual owner, according to Forbes, is Portland Trail Blazers owner Paul Allen, who co-founded Microsoft with Bill Gates, the overall richest No. 1 ranked person on the list. Allen's net worth is reported as $13.2 billion and he ranks No. 23 overall on the list. He recently decided to sell one of his private islands.

Somewhat incredibly, Allen is more than twice as rich as the next individual NBA team majority owner. In second place is Amway co-founder Richard DeVos, owner of the Orlando Magic, who is ranked No. 60 with a net worth pegged at $5 billion. 

Rounding out the top five richest individual NBA owners are Miami Heat owner Micky Arison (No. 75, $4.2 billion, Carnival Cruises), Denver Nuggets owner Stan Kroenke (No. 107, $3.2 billion, Walmart) and new Detroit Pistons owner Tom Gores (No. 159, $2.5 billion private equity). The Nuggets are operated by Kroenke's son, Josh.

The other seven NBA majority owners on the list are: Dallas Mavericks owner Mark Cuban (No. 171, $2.3 billion), Minnesota Timberwolves owner Glen Taylor (No. 242, $1.8 billion), Indiana Pacers owner Herb Simon (No. 273, $1.6 billion), Cleveland Cavaliers owner Dan Gilbert (No. 293, $1.5 billion), Memphis Grizzlies owner Michael Heisley (No. 293, $1.5 billion) Los Angeles Clippers owner Donald Sterling (No. 293, $1.5 billion) and new Philadelphia 76ers owner Joshua Harris (No. 309, $1.45 billion).

Los Angeles Lakers minority owner Dr. Patrick Soon-Shiong, who recently purchased the ownership stake previously held by Lakers legend Magic Johnson, ranked No. 39 with a net worth of $7 billion. 

Hat tip: IAmAGM.com.
Comments

Since: Aug 19, 2006
Posted on: September 23, 2011 1:41 pm
 

NBA owners make Forbes 400 richest Americans list

Honestly the only persons that truly know whether Owning a team is profitable is the Owner and Feds. I don't think the NBA Commish. Sterns truly know. The only of truly knowing is seeing it in Black and White and you have to know that Owners will not give a detailed summary. They will show only what it cost for daily operations they will not show any detailed profis. I myself believe that the Owners are making profits in this Era vs Owners in the past. Thats why they market the NBA around the World, though they don't profit as much as the NFL. It would be stupid to think that these Owners would fight so hard for nothing. If they did not make a profit they would not bulge from what their demands are nor would they care if players played else where.  



Since: Feb 22, 2008
Posted on: September 23, 2011 9:40 am
 

NBA owners make Forbes 400 richest Americans list

Do you really think these people are rich because they own basketball teams? No, these people own basketball teams because they are rich. The average joe buying a ticket to a game isn't what put these guys on this list.



Since: Mar 10, 2009
Posted on: September 22, 2011 11:54 pm
 

NBA owners make Forbes 400 richest Americans list

I would be very interested in knowing the net worth and average income of season-ticket holders for each of the NBAs teams. It's likely middle class people padding the pockets of the ultra rich. Sickening. I love basketball, but the financial machine is getting very, very prohibitive.


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