In 1993, Michael Jordan hit a three-quarter shot to help Don Calhoun win a $1 million bonus.
The Chicago Bulls’ half of the game is thought to have less than a 1% chance of winning the big money. However, Calhoun was only the 20th entrant, meaning someone won far sooner than the organization or insurance company expected.
After winning, Calhoun quickly realized he might not get the money. Insurance companies are trying to cancel payments. One of the stipulations of the tournament is that the winner cannot participate in organized basketball for five years. When filling out the form to receive his bonus, Calhoun answered truthfully: He had played college basketball three years earlier.
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Local media began picking up the story. The Chicago Bulls held a press conference, with Calhoun and Jerry Reinsdorf in attendance. The Bulls announced they would honor the win regardless of the insurance company’s decision.
“It is unclear whether the company providing insurance for the event will pay for the policy,” a joint statement said, according to ESPN.
“However, regardless of its decision, (restaurant group) Lettuce Entertain You, Coca-Cola (Foundation) and the Chicago Bulls will honor the $1 million prize and ensure a happy ending to this event.”
When Calhoun attended a Michael Jordan event trying to turn his shot into an autograph from his favorite player, Jordan quickly asked if he had gotten paid.
When Calhoun responded in the affirmative, Jordan shockingly revealed that he helped force the situation to ensure Calhoun got paid.
“We let them give it to you,” Jordan said. “We’re frustrated that they’re trying to not pay you.”
However, Calhoun did not receive the $1 million advance. Instead, he received $50,000 per year for 20 years. After taxes, that amount is approximately $38,000 per year.
Michael Jordan is worth $3 billion
Michael Jordan has always been a fierce competitor. Maybe that’s why he wanted to make sure Don Calhoun was rewarded for success in the three-quarter-shooting contest.
Jordan always pursued winning. He did this throughout his career and continued to win after retirement. The Chicago Bulls legend was a savvy businessman who amassed a fortune beyond anyone’s imagination.
Jordan has a net worth of $3 billion. In addition to his Jordan Brand, the basketball legend is also the majority owner of the Charlotte Hornets, which he purchased in 2010 for $275 million.
Earlier this year, Michael Jordan sold his stake in the team for $3 billion. Now, according to CBS News, the former NBA superstar has joined the list of the 400 richest people in the United States. You can rest assured that he will make sure you get paid if you win at the negotiating table.