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.
There are many professional sports team that are worth lots of money and according to Forbes recent valuations of all sports teams, the New York Jets are the 13th most valuable team, currently worth $2.75 billion.
Is this due to Woody Johnson being the owner of the team?
Well, Johnson is assisted by New York being a very marketable state. It’s the 3rd largest state population-wise, having over nineteen million people residing and with football being the most popular sport now, always helps. The stadium where the Jets play is MetLife Stadium is fairly new and actually located in New Jersey, does increase the valuation much more. Due to the high ticket prices for games and concession stand prices being astronomically high. Johnson was the owner in 2010 and he played a large part in getting a new stadium built for the state and the fans not only in New York and New Jersey but across the United States.
It certainly looks good for Mr. Johnson now being that the Jets are worth $2.75 billion when he bought the team for only $635 million. He can make a pretty penny on it if he does sell the team. Most of the time, billionaires like Johnson make purchases like this for investment purposes only and just to say, I own a NFL team. Right now, it certainly does look like a good investment.
Teams that are currently rated as more valuable than the Jets are the Dallas Cowboys, New York Yankees, Manchester United, Barcelona, Real Madrid, New England Patriots, New York Knicks, New York Giants, San Francisco 49ers, Los Angeles Lakers, Washington Redskins, and Los Angeles Rams.
Woody Johnson says fans should judge the 2017 season not so much on wins and losses, but rather, on how younger players improve throughout the season. Look at each individual on the team and see if they’re getting better. Improving is a sign of progress. That’s what they’re looking for. The biggest thing is for them to be patient.
The concentration on younger players and making sure the coaching staff is capable of teaching those players and getting them better is what has to happen. So, it’s a good sign, if the team is getting improving. To me, that means the team will end up having more wins than expected. Right?
They’ll be headed in the right direction with a chance of reaching the playoffs sooner than later. Fans shouldn’t be disappointed with this. But their patience could be running on fumes at this time. The ones that did, should be delighted because they hung in there for a long period of time.
Johnson’s comment doesn’t sound like it’s coming from an owner of a team. Certainly not from a businessman that he is. More like, someone who doesn’t understand the concept of a team trying to gel. That’s what really is happening in this case. So, it might be a good thing that Johnson will be far away from the team this year.
As for Coach Todd Bowles, his expectations are high for the 2017 season. How high you might ask? His goal is to get to the Super Bowl and he was being realistic about this comment. He knows they have to take steps being that there are a lot of guys that have to get acclimated chemistry wise right away. Progress for him is being a lot better than last year.
Every team in the NFL has that type of goal going into the season but for Bowles to expect that to happen with a different roster with younger guys is a bit off. First, they’d have to learn the systems which aren’t easy. What happens sometimes is the team cannot grasp the regular systems that are in place and have to take a step back. It would mean that they would have to use less complicated plays (vanilla packages) but that would be easier for teams to read and see. So, if this does occur, the Jets can find themselves having a very similar season to 2016 or even worse which they wouldn’t want. If not, they could end up winning more games than they did in 2016 but not go to the playoffs.
It turns out that when the Jets cut veteran players Eric Decker and David Harris it was solely due to Woody Johnson wanting to cut payroll in what seems to be a rebuilding season in 2017. The team slashed $13.75 million in cash payroll by letting them go. They were pretty much, the last of the veteran players on the roster that were primarily good.
One can say that Decker and Harris wouldn’t fit the mold with the current young roster and it probably wouldn’t have made a difference anyway by having Decker and Harris on the team because they won’t be close to reaching the playoffs.
Fans might think the team should’ve kept them because they needed some type of veteran leadership and to also have some sort of mix with young and somewhat older players. Many NFL coaches take that approach but the Jets changed that in 2017.
So by Johnson stripping the roster down, it certainly puts pressure on the younger players to step up and find a permanent spot. This is the right way to go now. The team is basically sacrificing the 2017 season and is already setting up a foundation through next year’s Draft and beyond.
You might be wondering now, why would Johnson decide to do this while still spending plenty of money during Free Agency and on other existing contracts? This question might sound insignificant but under the new CBA, the cap (max) for 2017 was $167 M per team. So each team must average around $158M. This requirement literally explains the Jets spending.
As a fan, I’d like to see the Jets take the field on Sunday, with always having a good chance to win. In 2017, there will be some doubt in games, with fans expecting them to play hard which is fine but it’ll still be hard to produce wins, especially when the Jets play the Patriots, Raiders and Chiefs this year.
Johnson has the right intentions in making such moves even if the team won’t be very competitive in 2017. Whether he made the right decision still has to be seen.