Jets Woody Johnson One of A few Billionaires on President Trump’s Team

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The Johnson & Johnson heir and New York Jets owner, Woody Johnson, has a net worth of $4.2 billion on the Bloomberg Billionaires Index following an analysis of his financial disclosure to the U.S. Office of Government Ethics as part of his nomination. Other billionaires in Trump’s administration include Commerce Secretary Wilbur Ross and Linda McMahon, who heads the Small Business Administration. Johnson, 70, is awaiting Senate confirmation.

So Johnson now ranks among the world’s 500 richest people.

Johnson’s disclosure, dated March 7 and certified by the ethics office on June 27, lists more than 1,100 stocks, bonds and other securities, including more than $50 million in cash in a Bank United Inc. account, a stake in the All Weather fund run by billionaire Ray Dallo and dozens of personal trusts and holding companies.

Based on the midpoint of value ranges indicated for each asset, Johnson probably has more than $1.7 billion in assets unrelated to his ownership of the Jets and about $233 million in liabilities. He also lists more than $50 million in shares of New Brunswick, New Jersey-based J&J, the health-care products company co-founded by his great-grandfather. Based on listed dividend income from the past 12 months of “over $5 million,” Johnson would have at least 1.56 million shares in the company. That holding is worth more than $205 million at Monday’s closing price.

The majority of his wealth is tied to the Jets, though, his National Football League franchise, which the billionaire purchased for $635 million from the estate of Leon Hess in 2000. Today the team is conservatively valued at $2.7 billion, according to a July valuation opinion by Peter J. Schwartz, a consultant with Anderson Economic Group. The team and its stadium interest are both listed in the disclosure as being worth “over $50 million” — the highest value field required by the document.

Although football had a down year in 2016 compared to its own lofty standards, the value of teams still rose generally across the board based on increased revenue generation and the power of the NFL-branded media deals,” Schwartz said in a phone interview. Johnson earned more than $81 million in income in the past year from the team and its ownership stake in Met Life Stadium in East Rutherford, New Jersey, which it shares with the NFL’s New York Giants.

Information provided by Bloomberg.com.


 

 

 


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