In recent days, much has been made about Usher and his rock-solid performance in Super Bowl LVIII (before you try to Google search it, “LVIII” is number 58). Particularly, the fact that Usher orchestrated his fantastic Super Bowl halftime show for free.
But Usher isn’t hurting for money, especially with how great his bet on the Cleveland Cavaliers has been going for him.
A Minority Ownership Stake
In 2005, Usher invested nine million dollars in the Cavaliers, giving him a one percent ownership stake in the organization. At the time, the team was valued at roughly 375 million dollars. If you’ll recall, in 2005, LeBron James was still in the early stages of his first stint with the team.
Fast forward 19 years, an NBA Championship, and another successful generation of Cleveland basketball (led by Donovan Mitchell and company), and the Cavaliers franchise is now worth 3.2 billion dollars. So, Usher’s one percent ownership stake has gone from being worth nine million dollars to being worth about 32 million dollars.
Not The Only One
Usher isn’t the only wealthy individual to cash in on the skyrocketing value of NBA teams. In December, Mark Cuban sold his majority interest in the Dallas Mavericks to Las Vegas Sands Corp., owned by the Adelson and Dumont families, for 3.5 billion dollars. That’s incredible, especially when you consider the fact that he bought the team for just 285 million dollars in 2000. Plus, he still retains 27% of the team.
Some other big names with minority stakes in NBA organizations are Dwyane Wade (Utah Jazz), David Robinson (San Antonio Spurs), Grant Hill (Atlanta Hawks), Myles Garrett (also the Cavaliers), J. Cole (Charlotte Hornets), and Will and Jada Pinkett Smith (Philadelphia 76ers).
