Report: Michael Jordan invests in sports-focused VC
Nov 9, 2024; Avondale, Arizona, USA; 23XI Racing team owner Michael Jordan during qualifying for the Cup Series championship race at Phoenix Raceway. Mandatory Credit: Gary A. Vasquez-Imagn Images Former Chicago Bulls star and Basketball Hall of Fame member Michael Jordan has become an investor in Courtside Ventures, a venture capital fund that focuses on sports-related assets, Sportico reported Tuesday.
According to the report, Jordan is joining a fourth round of funding intent on raising $100 million, after acquiring $190 million in investments for its first three rounds of funding. Jordan's stake in the current round of funding was not known.
Sportico calculates that Jordan has amassed the most earnings of any athlete at $3.75 billion, while Forbes estimates his net worth at $3.2 billion. Jordan had a majority stake in the Charlotte Hornets franchise, before it was sold for $3 billion in 2023.
A current owner of NASCAR's 23XI Racing, Jordan will now be on board with Courtside Ventures, which boasts the desire to "invest in passionate entrepreneurs."
Listed among dozens of past or present ventures in the Courtside VC portfolio is the online sports publication The Athletic, which was sold to the New York Times, the Drone Racing League, which was sold to Infinite Reality, and the cycling tracker Hammerhead, which was acquired by SRAM.
--Field Level Media
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