| He could have owned TWO dynasties! |
Then if you Google "jonathan kovler bulls", you'll find courtesy of the NY Times that George Steinbrenner (of all people) once owned 10% of the Bulls, but his share was bought out by Jerry Reinsdorf in '85, prior to the Bulls' championship runs. Based on 2003 estimates in Rovell's article, Reinsdorf parlayed his $9.2 million investment twenty-fold into $184 million! When Steinbrenner sold, the Bulls were only worth a little over $16 million. Ten percent of that is only $1.6 million, so my guess is, Georgie's original investment was probably around $500,000 (maybe less). Had he held onto his share, theoretically he could have turned $500k into about $33 million!
Btw, according to 60 Minutes, MJ was worth $4 million (annually?), mostly in endorsements. He was worth a quarter of the Bulls value! Assuming that's a per-year basis, not even LeBron comes close to that (Nike: $90 mil over 7 years, Cavs: $80 mil over 5 years).
More to follow in Part IV someday in the near future.
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1 comment:
Steinbrenner??? Guy always gives me the creeps. Like The Donald. Very interesting DYK. I can't wait till Marc Cuban buys the Pirates or eventually the Penguins and brings some deep pockets to Pittsburgh.
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