Naming The 12 Black NBA Minority Owners In 2023-24

With Michael Jordan relieving himself from having a majority stake in the Charlotte Hornets and becoming a minority owner, there are no majority Black owners in the league right now. Jordan sold his stake for a whopping $3 billion which means the billionaire sports star and businessman has just become far richer. As the saying goes, the rich get richer and Jordan has to be the most successful figure in the history of basketball on and off the court.

However, even with zero majority Black owners, there are 12 minority owners that come with a solid reputation for not only loving the game of professional sports but also having an eye for business. We have named the 12 Black minority owners in the NBA as of the 2023-24 campaign and it will be extremely interesting to see how the playing field in the realm of ownership could one day be far more diverse.

Valerie Daniels-Carter – Milwaukee Bucks

Net Worth: $10 Million

Dr. Valerie Daniels-Carter stands as one of the foremost female business leaders in the United States, skillfully overseeing a diverse portfolio of restaurant operations nationwide. Renowned for her adept business acumen, she serves as the President and CEO of V&J Foods, a multi-brand/multi-state entity recognized as the largest female-owned franchise organization in the country.

Her expansive quick-service restaurant empire encompasses iconic brands such as Auntie Anne’s Soft Pretzels, Burger King, Coffee Beanery, and Pizza Hut alongside numerous ventures in the realm of Real Estate. Prior to founding V&J Holding Companies, Inc., Dr. Daniels-Carter garnered experience in banking and finance, further enriching her comprehensive expertise in the business landscape and building her analytical mind. Currently, she is a minority owner of the Milwaukee Bucks and also a board member for the Green Bay Packers.

Myles Garrett – Cleveland Cavaliers

Net Worth: $12 Million

Myles Garrett, the accomplished American professional football player hailing from Arlington, Texas, boasts a net worth of $12 million and an impressive career trajectory in the world of professional sports. Born in December 1995, Garrett, a standout defensive end, honed his skills at Martin High School before making a significant impact in college football at Texas A&M. The pinnacle of his collegiate success led him to be the first overall pick in the 2017 NFL Draft, joining the Cleveland Browns.

It seems Garrett is already preparing for life after football with an impressive minority ownership in the Cleveland Cavaliers franchise as he hopes to be a part of a winning culture and basketball team going forward. Garrett finalized the deal for a minority stake this year so he has been thrust into the world of ownership while still being an All-Pro athlete.

Damian Mills – Charlotte Hornets

Net Worth: $12 Million

With Michael Jordan selling his stake in the Charlotte Hornets, a host of celebrities and successful entrepreneurs have jumped at this opportunity to own a minority stake in the franchise. One of them is Damian Mills, a car dealership owner who has found success by owning businesses across the country.

Embarking on his entrepreneurial journey all the way back in 2004, Mills initiated his foray by investing his life savings to acquire a Ford dealership in Smithfield, NC. Building on this foundation, he expanded his automotive ventures by adding a Chrysler dealership in Fort Mills, SC, just two years later. Fast forward to 2009, and Mills had successfully cultivated a portfolio of lucrative dealerships, collectively yielding nearly $100 million in annual revenue.

Jada Pinkett Smith – Philadelphia 76ers

Net Worth: $50 Million

One of the most famous minority owners in the NBA, renowned actress Jada Pinkett Smith gained prominence through her roles in The Matrix sequels and the Madagascar animated film franchise. Her journey to fame commenced with her notable participation in the Bill Cosby television series A Different World in 1991, and she catapulted to stardom with a key role in the Eddie Murphy comedy The Nutty Professor.

Beyond her contributions to the big and small screens, Pinkett Smith co-hosted the talk show Red Table Talk, where she openly discussed various aspects of her life, including her marriage to Will Smith and her personal struggles with alopecia. Of course, Pinkett-Smith has been involved in major celebrity drama in recent years and despite that, has managed to maintain a minority ownership with the popular Philadelphia 76ers franchise.

J. Cole – Charlotte Hornets

Net Worth: $60 Million

Considered one of the best lyricists in the modern era in the world of rap and hip-hop, J. Cole is one of the celebrities who jumped at the opportunity to purchase a stake in the Charlotte Hornets following Michael Jordan’s sale. J. Cole, born Jermaine Lamarr Cole, burst onto the music scene with “The Come Up” mixtape and later on “The Warm Up” and “Friday Night Lights”.

Since then, Cole has become one of the most popular rappers in the world as he sells out stadiums across the country. Popular hits include “Work Out”, “Power Trip”, “No Role Modelz”, and his feature in Lil Durk’s “All My Life”. Interestingly, Cole played basketball growing up and considered becoming a professional before focusing on his music career instead. Until today, the rapper is a major basketball enthusiast and it is no surprise to see him have a minority stake in an NBA franchise.

Dwyane Wade – Utah Jazz

Net Worth: $170 Million

Legendary shooting guard Dwyane Wade, armed with a net worth of around $170 million, is a famed minority owner of the Utah Jazz. Wade purchased his stake back in 2021, when Donovan Mitchell and Rudy Gobert were still on the team, and has remained a minority owner until today. Wade clearly made his fortune by being an all-time great basketball player in the NBA while also being sponsored by giants including Gatorade, New Era, and Panini.

The leader of the Wade’s World Foundation is a renowned charity that gives back to the youth while empowering the underserved core communities of Chicago, Milwaukee, and the South Florida areas. Married to famous actress Gabrielle Union and also an elite basketball commentator, Wade has found his success through professional sports and he will likely be involved in ownership for the rest of his post-playing career.

Usher – Cleveland Cavaliers

Net Worth: $180 Million

Usher Raymond IV, known as simply Usher, is one of the most renowned Pop and R&B singers in the world. A fantastic showman who can sing and dance, Usher has captivated fans throughout his musical career while sporting global hits such as “Yeah”, “Burn”, and “My Boo” while also shattering the Billboard with records “Love In This Club” and “OMG”.

Usher made his stake purchase in the Cavaliers for around $9 million but the value of his shares might have greatly increased since then. The Cavaliers are worth over $1 billion right now, which could be very good news for Usher’s ownership stake. Anytime the Cavaliers find success on the court, you will usually find Usher celebrating knowing that his team is doing great things in the NBA.

David Robinson – San Antonio Spurs

Net Worth: $200 Million

Superstar center and San Antonio Spurs legend David Robinson bleeds black and silver, not only throughout his legendary career but also through his minority ownership. Robinson sports a net worth of around $200 million mainly due to his playing career and also his ventures off the court. A two-time NBA champion, Robinson was one of the most dominant players ever and is easily a top-50 talent to have ever played.

In 2008, Robinson partnered with Daniel Bassichis, formerly of Goldman Sachs and a board member of The Carver Academy, to form Admiral Capital Group. This investment group targets opportunities that can provide both financial and social returns. Known as the “Admiral” for his work with the U.S. Navy, Robinson has been a fantastic role model for anyone following his career and his loyalty to the Spurs franchise is equally impressive.

Grant Hill – Atlanta Hawks

Net Worth: $250 Million

Once Michael Jordan’s prime ended, it was Grant Hill who was supposed to be the next player to carry the torch. He had a few elite seasons with the Detroit Pistons but injuries ultimately ended his prime very early and we never got to see him be the face of the league for an entire decade like we expected. Other than being a max player during his playing days, Hill has been a business-savvy investor.

Hill is a minority owner of the Atlanta Hawks, a part-owner of Orlando City SC of Major League Soccer, and a part-owner of the Orlando Pride of the National Women’s Soccer League. You can also watch Hill as a basketball analyst for CBS and Turner Sports, where he does a fantastic job breaking down the game and providing professional feedback on the game we all love to follow.

Will Smith – Philadelphia 76ers

Net Worth: $350 Million

Will Smith needs no introduction as he is one of the greatest actors of his generation and might be one of the best ever. Having achieved almost everything in the world of celebrity, from an Academy Award, a Golden Globe Award, a Screen Actors Guild Award, and a BAFTA Award to four Grammy Awards, Smith has been a stalwart in the world of Hollywood.

Smith’s films have grossed over $9 billion worldwide, indicating his prowess on screen and attracting mass audiences. His breakthrough was with “The Fresh Prince Of Bel-Air” and he also had hit music singles “Gettin’ Jiggy wit It” and “Wild Wild West” which gave him his four Grammy awards. Smith’s most famous films include “Bad Boys”, “Men In Black”, “I Am Legend”, “Pursuit Of Happiness”, and “Hancock’ among many others. Smith is a minority owner of the Philadelphia 76ers and would love to see the team win a championship one day.

Sheila Johnson – Washington Wizards

Net Worth: $750 Million

Sheila C. Johnson, an entrepreneur and philanthropist, has left an indelible mark across diverse sectors including hospitality, sports, TV/film, arts, education, women’s empowerment, and community development. In 2005, she founded Salamander Hotels & Resorts, overseeing a growing portfolio of luxury properties located in the state of Florida. Her most recognized achievement is being a co-founder of BET (Black Entertainment Television), shaping modern programming, and creating the award-winning program Teen Summit.

Beyond her business endeavors, Ms. Johnson is actively involved in various educational and charitable organizations, serving on the Board of Governors for Parsons School for Design in New York, as well as on the boards of Harvard Kennedy School Board Center for Public Leadership and the Executive Committee of the USGA. The accomplished lady is also a minority owner of the Washington Wizards where she brings his business acumen and incredible net worth to try to achieve greatness in the realm of the National Basketball Association.

Michael Jordan – Charlotte Hornets

Net Worth: $3 Billion

Perhaps the most famous Black minority owner in the history of sports is Michael Jordan, the greatest basketball player of all time. In fact, Jordan is widely regarded as the greatest athlete in team sports because of the incredible dominance he had over his basketball career which included six NBA championships, six Finals MVP awards, five MVP awards, and 10 scoring titles. We have yet to see a single player dominate a league the way Jordan did, and that placed him on a pedestal in terms of his business acumen as well.

Jordan made a massive part of his fortune through the “Air Jordan” sneaker brand which helped change the culture of fashion, music, and television. Everybody wanted to “be like Mike’’ but nobody has truly come close in terms of dominance across many facets. Beyond being the face of the Jordan sneaker brand and basketball greatness, Jordan sold his majority stake in the Charlotte Hornets which helped take his net worth to around $3 billion as he retains a minority ownership stake in the franchise he hopes one day can reach elite levels on the court.

Source: Boardroom