The sports team owners on Forbes’ new Forbes 400 list are worth a combined $276 billion, up 6% over the past year.
The coronavirus pandemic shuttered most pro sports leagues for three-plus months, and the return to competition has occurred almost entirely in fan-free venues, wreaking havoc on sports team financials. But most team owners fared just fine as they rode surging stock markets to record net worths.
The combined fortune of the 43 Forbes 400 members who own controlling stakes in teams in major sports leagues is up 6%, to $276 billion, over the past 12 months.
Steve Ballmer leads the way for the sixth straight year, with a net worth of $69 billion, up $17.6 billion over last year; he ranks sixth overall on The Forbes 400, which is topped by Jeff Bezos at $179 billion. Ballmer, the high-wattage former Microsoft CEO, still owns a huge chunk of the tech giant, whose stock is up 45% in the last year.
He joined the sports ownership ranks in 2014 when he paid $2 billion for the Los Angeles Clippers, who are one of the favorites for a title in the NBA’s Disney World bubble. The Clippers, whom Forbes valued at $2.6 billion in February, make up just 4% of Ballmer’s fortune.
While sports represent a small fraction of Ballmer’s net worth, teams make up more than 60% of the fortunes of guys like Jerry Jones of the Dallas Cowboys (No. 5, $8.6 billion), multi-team owner Stanley Kroenke (No. 6, $8.3 billion) and the New England Patriots’ Robert Kraft (No. 10, $6.6 billion).
Ballmer had the biggest dollar gain, but Memphis Grizzlies boss Robert Pera was the winner in percentage terms, up 39% to $10.5 billion. The Ubiquiti Networks founder rode a 58% rise in the wireless equipment maker’s share price to rank as the third-richest American team owner. Hedge fund titan David Tepper, who bought the Charlotte Panthers in 2018, is sandwiched between Ballmer and Pera at No. 2, with $13 billion.
Boston Bruins owner Jeremy Jacobs (No. 37, $2.6 billion) had the biggest fall, with his net worth down 65%, fueled by a coronavirus-induced lower valuation for the family’s venue concessions business, Delaware North.
The values for The Forbes 400 were calculated as of July 24, but one owner’s net worth has surged since then. Rocket Mortgage, formerly known as Quicken Loans, went public August 6 at a sky-high valuation, to the immense benefit of Daniel Gilbert, who owns the vast majority of the mortgage lender. The longtime Cleveland Cavaliers owner is worth $7.5 billion on The Forbes 400, but his current fortune, as of September 4, is more like $51 billion, ranked 15th among America’s billionaires.
Hedge fund titan Steve Cohen is likely to be part of the richest sports team owners club by this time next year. Cohen, whose agreement to buy the New York Mets earlier in 2020 blew up, is on the verge of finally buying his childhood team for roughly $2.4 billion. Cohen is worth $14.5 billion.
The NFL has the most Forbes 400 members in the ownership suite with 16, followed by the NBA (14) and NHL (nine).
Here are the sports team owners on the 2020 Forbes 400 list. Net worths are as of July 24.
1.
Steve Ballmer
NET WORTH: $69 billion
SOURCE OF WEALTH: Microsoft
TEAM(S): Los Angeles Clippers
2.
David Tepper
NET WORTH: $13 billion
SOURCE OF WEALTH: hedge funds
TEAM(S): Charlotte Panthers, Charlotte FC
3.
Robert Pera
NET WORTH: $10.5 billion
SOURCE OF WEALTH: wireless networking gear
TEAM(S): Memphis Grizzlies
4.
Philip Anschutz
NET WORTH: $10.1 billion
SOURCE OF WEALTH: investments
TEAM(S): Los Angeles Kings, LA Galaxy
5.
Jerry Jones
NET WORTH: $8.6 billion
SOURCE OF WEALTH: sports teams
TEAM(S): Dallas Cowboys
6.
Stanley Kroenke
NET WORTH: $8.3 billion
SOURCE OF WEALTH: sports, real estate
TEAM(S): Los Angeles Rams, Arsenal, Denver Nuggets, Colorado Avalanche
7.
Shahid Khan
NET WORTH: $7.8 billion
SOURCE OF WEALTH: auto parts
TEAM(S): Jacksonville Jaguars
8.
Daniel Gilbert
NET WORTH: $7.5 billion
SOURCE OF WEALTH: Quicken Loans
TEAM(S): Cleveland Cavaliers
9.
Stephen Ross
NET WORTH: $7.2 billion
SOURCE OF WEALTH: real estate
TEAM(S): Miami Dolphins
10.
Robert Kraft
NET WORTH: $6.6 billion
SOURCE OF WEALTH: sports teams
TEAM(S): New England Patriots, New England Revolution
11.
Arthur Blank
NET WORTH: $6.1 billion
SOURCE OF WEALTH: Home Depot
TEAM(S): Atlanta Falcons, Atlanta United
12.
Tom Gores
NET WORTH: $5.7 billion
SOURCE OF WEALTH: private equity
TEAM(S): Detroit Pistons
13.
Micky Arison
NET WORTH: $5.6 billion
SOURCE OF WEALTH: Carnival Cruises
TEAM(S): Miami Heat
14.
Rocco Commisso
NET WORTH: $5.5 billion
SOURCE OF WEALTH: Telecom
TEAM(S): Fiorentina
15.
Joshua Harris
NET WORTH: $5.1 billion
SOURCE OF WEALTH: private equity
TEAM(S): Philadelphia 76ers, New Jersey Devils, Crystal Palace
Introduction: My name is Lakeisha Bayer VM, I am a brainy, kind, enchanting, healthy, lovely, clean, witty person who loves writing and wants to share my knowledge and understanding with you.
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