Owning an NBA team is a massive investment. As of October 2023, Forbes estimated that the average NBA team has a value of $3.85 billion . With current league rules requiring a team's controlling owner to have at least a 15% stake in the franchise, a potential owner needs at least half a billion dollars to be an NBA team owner.
Because of this, it's unsurprising that NBA team owners are filthy rich. But if you look at the top of the ladder, you'll be shocked to know how wealthy the NBA's wealthiest team owners are.
Steve Ballmer, team owner of L.A. Clippers - $125 billion net worth
The most prosperous NBA team owner is also the wealthiest American pro sports owner today. With a net worth of $125 billion, L.A. Clippers team owner Steve Ballmer is way ahead of the competition.
Ballmer joined Microsoft in 1980 as the 30th employee. He rose from the ranks and eventually held the position of CEO. When he retired in 2014, Steve owned a 4% stake in Microsoft worth $22.5 billion. That stake has now ballooned to $125 billion, and Forbes listed him as the world's 11th richest man in its most recent rankings.
After his retirement, Ballmer acquired the L.A. Clippers from the Sterling family for what was then a record $2 billion sale. One decade later, the Clips have an estimated net worth of $4.65 billion.
Dan Gilbert, team owner of Cleveland Cavaliers - $33.1 billion net worth
A distant second behind Ballmer is Cleveland Cavaliers team owner Dan Gilbert , who is worth $33.1 billion. Gilbert amassed the majority of his fortune through lending and finance as he co-founded Rocket Mortgage, one of the largest U.S. mortgage lenders, which is now known as Rocket Companies.
Dan purchased the Cavaliers from longtime owner Gordon Gund in 2005 for a then-record price of $375 million while inheriting young superstar LeBron James. Despite LeBron leaving the Cavs twice in 2010 and 2018 in favor of Miami and Los Angeles, respectively, his combined 11-year tenure in Cleveland helped the franchise's value to skyrocket.
In 2016, Gilbert's Cavs ended Cleveland's 52-year professional sports championship drought by winning the 2016 NBA Finals, becoming the first NBA team to rally from a 1-3 series deficit to win the Larry O'Brien trophy. With all their success under Gilbert, the Cavs are now valued at $3.35 billion, 16th in the last Forbes ranking.
Miriam Adelson, team owner of Dallas Mavericks -$29.8 million net worth
Next on the list is the NBA's newest team owner, Miriam Adelson, who was Forbes' 5th richest woman in 2023 with a net worth of $29.8 million. Adelson is the widow of Sheldon Adelson, the former CEO and Chairman of the casino company Las Vegas Sands.
A physician by profession, Miriam took over Las Vegas Sands after her husband died in 2021 and is currently the controlling shareholder of the Venetian and Palazzo Resorts operator. Adelson acquired a 69% stake in the Dallas Mavericks last December for $3.5 billion. As of 2023, Forbes listed the Mavericks as the 7th most valuable NBA franchise at $4.65 billion.
Former Mavs controlling owner Mark Cuban still has a 27% share in the team, which he instantly bought for $285 million from Ross Perot Jr. in 2000. Cuban led the Mavs to the first and only NBA championship in 2011 behind Dirk Nowitzki.
Stanley Kroenke, team owner of Denver Nuggets - $16.9 billion net worth
At No. 4 is Denver Nuggets team owner Stanley Kroenke, who first dug gold when he married Walmart Heiress Ann Walton three days after meeting her on a skiing trip to Aspen. He founded the Kroenke Group in 1983, a real estate development company that built shopping centers on 60 million square feet of land near Walmart stores.
In 2000, Kroenke took a huge gamble by acquiring an irrelevant Nuggets franchise, along with the Avalanche and their home arena, from Accent Entertainment Group's Charlie Lyon for $450 million. With the Nuggets winning their first NBA chip in 2023, Forbes now lists them at #15 with a valuation of $3.38 billion.
Aside from the Nuggets, Kroenke Sports & Entertainment also owns Premier League football team Arsenal F.C., the NFL's Los Angeles Rams, the NHL's Colorado Avalanche, and MLS' Colorado Rapids, among others.
Mat Ishbia, team owner of Phoenix Suns - $13.1 billion net worth
Rounding out the Top five is Phoenix Suns governor Mat Ishbia . A former college basketball player, Matt played three seasons for Michigan State as a walk-on and was a member of the Spartans' 2000 NCAA title team, which included Mateen Cleaves, Morris Peterson, and Charlie Bell.
After his playing days were over, he worked for United Wholesale Mortgage, a lending company founded by his father. He rose from the ranks, and under Mat's leadership, UWM became one of the nation's top lenders. Ishbia became a billionaire when UWM began to trade publicly.
In 2023, Ishbia acquired the Suns and the WNBA's Mercury for $4 billion from Robert Sarver. Since arriving in the Valley, he's made big moves, like acquiring Kevin Durant and Bradley Beal. Forbes currently has the Suns as the 11th most valuable NBA franchise at $4 billion.
NBA owners are among the richest in U.S. pro sports
In the latest Forbes 400 wealthiest Americans , 54 U.S. billionaires are the controlling owners of a U.S. pro team, including 14 from the NBA. Among the Top 20 wealthiest American sports owners, three out of the Top 4 are NBA team owners.
Of course, Mr. Ballmer is at the top of the list. He is followed by Denver Broncos team owner Rob Walton, who has a net worth of $94.3 billion. Next up at #3 and #4 are Gilbert and Adelson. Meanwhile, Kroenke is tied for 8th, and Ishbia is at No. 13.
Also in the Top 20 are Anthony Ressler of the Atlanta Hawks, Tillman Fertitta of the Houston Rockets, Robert Pera of the Memphis Grizzlies, and Tom Gores of the Detroit Pistons. In total, 9 out of the Top 20 most affluent American pro sports owners are from the NBA.
Related: “There are six Buss children, my friend” — why the Los Angeles Lakers don't spend despite being the richest team in the NBA
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