Michael Jordan Invests In VC Fund, Courtside Ventures

Former NBA owner and Hall of Famer Michael Jordan added more than $2 billion to his personal fortune when he sold the Charlotte Hornets basketball team.  Now, the popular sports figure has placed some of his money into a sports fund looking to raise $100 million.

According to Sportico, the company that Jordan is investing in is a VC (Venture Capital) fund named Courtside Ventures. The VC fund focuses on sports, lifestyle, and gaming. The media outlet received a text message from one of the business partners of Courtside Ventures, Curtis Polk, confirming the information about Jordan investing. The amount he reportedly invested was not disclosed. Polk is Jordan’s business partner, and they are co-owners of the NASCAR outfit, 23XI Racing.

The company’s website reveals that some of the companies under its portfolio include The Athletic, 100 Thieves, and Jackpot.com. The LinkedIn profile for Courtside Ventures states that it was started in 2015 and has its headquarters in New York.

The partners in the VC fund are Deepen Parikh, Vasu Kulkarni, and Kai Bond. Out of several advisors for the group, former NFL player Larry Fitzgerald and former DraftKings exec Sean Hurley are involved.

Earlier this year, in June, the company filed a Form D with the SEC (U.S. Securities and Exchange Commission) outlining Courtside Ventures’ intentions to raise $100 million for its fourth round of funds. Through the first three rounds, a total of $190 million was raised.

Meanwhile, Jordan, according to Private Jet Clubs, recently made a big purchase when he became the owner of a new private jet, a Gulfstream G650ER, that is valued at approximately $65 million. As Jordan has been an astute businessman since retiring from basketball, he has invested in many ventures that add to his bottom line. The Nike pitchman and Polk, along with their 23XI Racing partner, racecar driver Denny Hamlin, have recently filed an antitrust lawsuit with another car owner, Front Row Motorsports, against NASCAR and CEO Jim France, stating that it has used anticompetitive practices to prevent fair competition in the sport.