Forbes released its list of the 400 wealthiest Americans of 2018 on Wednesday and among the 45 professional sports owners that made the list, two represent teams from Cleveland.
Cavaliers owner Dan Gilbert is worth an estimated $7.1 billion, which placed him at #71 on the list. Gilbert is the founder/chairman of Quicken Loans and Rock Ventures and also is the chair of JACK Entertainment. Last month, reports surfaced that Gilbert is looking to sell his casino properties, including in Cleveland and North Randall, and exit the business.
Gilbert's JACK Entertainment, based in Detroit, has interests in six casinos and racetracks, including JACK Cleveland Casino, JACK Thistledown Racino in North Randall, and Greektown Casino-Hotel in Detroit, which Gilbert acquired in 2013. The properties may be sold separately.
Browns owner Jimmy Haslam's net worth is at $2.7 billion, good for #302 on the top 400. Haslam is CEO of the Pilot Flying J truck stop chain, one of the top privately-owned companies in the United States. Pilot generated $19.6 billion dollars in 2017, according to Forbes, and currently employs 27,100 workers.
Haslam and his company have made national headlines over the past five years after a massive federal investigation into a fuel rebate scam. The company's former president, Mark Hazelwood, was convicted and faces 150 months in prison and a $750,000 fine. Two subordinates were convicted of varying crimes alongside him, and 14 others pleaded guilty. Two were granted immunity. Pilot Flying J’s board also admitted criminal responsibility.
While Haslam was never charged, he did agree to pay an $85 million settlement to defrauded customers and a $92 million penalty to the government.
The Haslam family's control of Pilot Flying J will eventually end after entering into a deal with Warren Buffett's Berkshire Hathaway in 2017. By 2023, Berkshire will become Pilot Flying J's majority shareholder. Haslam will stay on as CEO through then.
The top 5 wealthiest Americans of 2018 are:
- Jeff Bezos (Amazon) -- worth $160 billion
- Bill Gates (Microsoft) -- worth $97 billion
- Warren Buffett (Berkshire Hathaway) -- worth $88.3 billion
- Mark Zuckerberg (Facebook) -- worth $61 billion
- Larry Ellison (Oracle) -- worth $58.4 billion
The top 5 wealthiest sports owners of 2018 are:
- Steve Ballmer, Clippers, $42.3 billion (14th overall)
- Paul Allen, Seahawks and Trail Blazers, $20.3 billion (21st overall)
- David Tepper, Carolina Panthers, $11.6 billion (38th overall)
- Philip Anschutz, Los Angeles Kings, $11.3 billion (40th overall)
- Mickey Arison, Heat, $9.4 billion (49th overall)
