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GOAT on and off the court: Michael Jordan becomes first athlete in history to make Forbes 400 list
Former Chicago Bulls player Michael Jordan speaks during halftime of the Bulls’ game against the Utah Jazz at the United Center in Chicago on March 12, 2011, during a ceremony commemorating the 20th anniversary of the Bulls’ first NBA championship in 1991. Audience speaks, Illinois.
Many sports fans debate whether NBA superstar Michael Jordan is the greatest basketball player of all time, yet he is still commonly referred to as “The GOAT.”
While the debate on the court would continue for decades, Jordan’s greatness off the court put him in a league of his own.
Jordan is best known for his time as an NBA player, playing 15 seasons with the Chicago Bulls and Washington Wizards. Jordan also spent more than a decade as owner of the NBA’s Charlotte Hornets, retaining a stake in the team after completing the sale of his controlling stake earlier this year.
In 1,072 NBA games, Jordan averaged 30.1 points, 6.2 rebounds and 5.3 assists. Today, although Jordan is not in the top 50 in games played, he ranks fifth in total points and fourth in steals.
Off the court, Jordan is known for his slew of brand endorsements, inking deals with big-name brands such as McDonald’s Corp., Hanes, PepsiCo Inc. and its brand Gatorade and Nike Inc.
Those endorsements combined with ownership of the Hornets made Jordan one of the few athletes worth $1 billion, and the sale of the Hornets put Jordan into a league of his own – he’s now worth an estimated $3 billion, according to some estimates. Forbes.
Benzinga discusses the All-Star’s financial moves that propelled NBA legend Michael Jordan to the latest Forbes list of the world’s 400 richest people.
Jordan becomes first professional athlete to be listed on Forbes 400
In his 15 NBA seasons, Jordan earned $94 million. While that number pales in comparison to the high salaries of today’s professional athletes, Jordan was the highest-paid player for several of his seasons.
Jordan’s deal with Nike was the subject of the Ben Affleck-directed film “Air,” and helped increase Jordan’s wealth in the years to come.
According to “Forbes”, the NBA star receives royalties from Nike every year, and his latest annual income was US$260 million. Sportico previously estimated that Jordan earned $1.8 billion from Nike over the years.
Jordan sold the Hornets at a valuation of $3 billion, setting the second-highest sale valuation in NBA team history and marking a return of approximately 17 times for Jordan’s shares as the majority owner.
Jordan’s billionaire status is a testament to the role of team ownership in increasing personal wealth. With so few publicly traded sports teams, sports ownership is often out of the question for the average investor, but there are some options for ambitious athletes looking to diversify.In addition to the Hornets, several NBA teams where players can purchase shares include the Atlanta Hawks, Sacramento Kings and New York Knicks
Following Jordan’s surprise divestment, NBA team ownership could attract more potential parties with the news that the court legend is now joining the elite company of the world’s wealthiest individuals.
this story By Benzinga and reviewed and distributed by Stacker Media.
