Last week, we touched on the NBA's top performers. Today, we go to the people behind the teams, people who pay for the superstars and their demands, sane or otherwise. These guys are mostly self-made men, some are college drop-outs but thru persistence, hard work, right timing and luck, they became captains of industry, real estate tycoons, technology, metals and consumer product magnates.
These billionaire ventured into big-time sports maybe because they thought it boring dealing with their businesses day in and day out. Maybe they wanted some diversion or just had no other idea where to put their money. Their ages range from 44 to 85.
They may have all the billions in the world but it won't change your team's outcome.
Because of the salary cap, owners are limited to flex their financial might to lure top talent. Forbes Magazine lists the 10 billionaire owners of the NBA.
1) Mikhail Prokhorov - The new kid on the block is the NBA's wealthiest owner. He ranks #37 on Forbes' list of the world's billionaires. The 44 year-old bachelor and former basketball player from Russia is worth $13.4 billion. He considered $200 million as loose change and bought 80% of the New Nersey Nets. He made most of his fortune trading in metals.
2) Paul Allen - A college drop-out, owns the Portland Trailblazers, ranks #39 on Forbes' list with a net worth of $12.7 billion. He co-founded Microsoft with Bill Gates (Forbes' #2). Allen invested $264 million to the Blazers and the NFL's Seattle Seahawks, with both clubs' value now worth about $1.3 billion.
3) Philip Anschutz - His net worth is $7 billion and owns the Los Angeles Lakers and the LA Kings of the NHL. He ranks #123 on the list and also owns the Staples Center. His promotions company AEG lost millions in ticket refunds and rehearsal costs when Michael Jackson died before his scheduled concert. He recovered some amount by selling merchandise and video footages from MJ's rehearsals.
4) Richard DeVos - He owns the Orlando Magic franchise with a $4.5 billion net worth, good for a #176 rank. In 1959, he co-founded Amway, a direct-selling consumer products empire that to date employs 3 million people in 80 countries.
5) Micky Arison - Like Paul Allen, Arison was also a college drop-out. The one-time cruise ship captain owns Carnival Cruises which operates 95 ships under 11 brands which includes Cunard, Princess and Holland America. With a net worth of $4.4 billion and ranked #189, he owns the Miami Heat, and blinded LeBron James and his conscience with $100 million.
6) Stan Kroenke - Owns the Denver Nuggets and the NHL's Colorado Avalanche with a net worth of $3.2 billion. He also has controlling interests with the NFL's St. Louis Rams and the English Premier League's Arsenal. In 1995, his wife Ann Walton, inherited from her father James Walton majority of the stocks at WalMart, which her father owned.
7) Mark Cuban - Oh, NBA fans, if you don't know Cuban and his Dallas Mavericks, then better shift to cricket. Famous for his controversial one-liners, he's worth $2.4 billion and made his fortune in broadcast and entertainment thru HDNet, 2929 Entertainment and Lions Gate. Ranked #400 in the world's billionaires list, he was rumored to expand into baseball by showing interest in buying the LA Dodgers.
8) Glen Taylor - The former senator from Minnesota owns the woeful Timberwolves.
He made it big with greeting cards but with electronic greetings now in place, business has dwindled. Taylor invested in agribusiness selling pasteurized and liquefied eggs, whatever these things are, and sold them to food companies and restaurants. He is presently in the hunt for an experienced free agent to resurrect his team from extinction. He is worth $2.2 billion.
9) Michael Heisly - In 1979, Heisly used $150,000 from the sale of his house and $10 million in bank loans to acquire a company that makes sewer and drainage equipment. His holding company now operates 40 companies involved in steel, construction and aviation equipment. His $1.6 billion net worth allows him to own the Memphis Grizzlies.
10) Herbert Simon - The sole owner of the Indiana Pacers, he was asked by the then mayor of Indianapolis in 1983 to buy the Pacers as the city was afraid that it would relocate to another area if bought by somebody else. He has a net worth of $1.2 billion and his company, the Simon Property Group, owns or has controlling interests at 382 properties spread across the US, Europe and Asia, with leasable spaces of at least 260 million square feet.
It is interesting to note also that two Filipinos are on the Forbes Top 1000 billionaires - Henry Sy of SM Prime and Banco de Oro, ranked #201 with a net worth of $4.2 billion, and Lucio Tan of Fortune Tobacco, Asia Brewery, PAL, ranked #582, worth $1.7 billion. Lucio Tan also owned a PBA team in the early 80's.