Woody Johnson Not a Billionaire?

Cimini notes that Woody Johnson surprisingly might not be a billionaire.

Interestingly, Jets owner Woody Johnson didn't make the list. He's often referred to in print as a billionaire, but that apparently isn't the case, according to Forbes. We're no financial expert, but you have to assume the amount of debt from the new stadium has kept Johnson under the billionaire mark.

I doubt many pity parties will be thrown for Woody. Something tells me he is not going to be on line at any soup kitchens in the near future. As Cimini notes, the criteria for making or missing this list is not entirely clear. How they compiled accurate information is not either. Johnson has shown a willingness to spend big to put a quality team on the field. In the past year, he has shelled out big guaranteed money to the likes of D'Brickashaw Ferguson, Nick Mangold, and Darrelle Revis, all of whom are high quality homegrown talent.

There are stories of guys who appear to be rich on paper in sports who really are not. Art Modell is one such example. He had so much debt that he felt compelled to move the Browns to Baltimore rather than end up roughly breaking even by selling the team. The New York Mets' ownership run by the Wilpon family appears to have lost a lot to Bernie Madoff. These tend to be the exceptions, though. Until there is legitimate reason for concern, nobody should worry.

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