since Michael Jordan First time on the court NBA In 1984, earning a high salary was a piece of cake.running through him 16 years of career in the famous basketball league With earnings of $94 million, he was the highest-paid player in the NBA in 1997 and 1998..But it was off the court that Jordan compared himself to any other athlete on the planet, winning 2.4 billion (before tax) throughout career Works with brands like McDonald’s, Gatorade, Hanes and, of course, Nikethe amount of his rights protection check in the last year was approximately 260 million.
But Jordan scored his biggest goal in August, when Sold majority stake in Charlotte Hornets for $3 billion Dollar. Even if he sold at Forbes’ latest valuation, estimated at $1.7 billion in 2022, it would be a blow to the 60-year-old Hall of Famer. Instead, the NBA’s 27th most valuable franchise is selling for the second-highest asking price in league history, nearly 17 times what Jordan was worth when he became majority owner in 2010.
This gave him a strange vibe. Jordan’s net worth is estimated at $3 billion and he ranks among the Forbes 400marking the first time a professional athlete has ranked among the richest people in America.
“Michael is one of the few guys who’s had it three times,” said Ted Leonsis, owner of the Washington Wizards, Mystics and Capitals, who has worked with Jordan on multiple sports investments and ownership stakes in the past. «Many entrepreneurs have achieved this once. They hit it big, take their winnings, then fold, and then we never hear from them again, or they try something a second time and it doesn’t work out. He created three huge successes,” referring to Jordan’s influence as a player, owner, and the development of the Air Jordan brand at Nike.
The possibility is Professional athletes becoming multi-millionaires remains highly irregular; only three have achieved it. Jordan was the first to achieve the milestone in 2014, while LeBron James and Tiger Woods They have followed him ever since, while their careers remain active. As sports salaries soar and off-field opportunities increase, more are sure to follow, with seven athletes already earning $1 billion in career earnings before taxes, agent fees and expenses, according to Forbes dollar, this fact proves it.
Still, breaking into the three-point club requires a perfect storm of favorable circumstances. Or, as Mark Cuban, the billionaire owner of the Dallas Mavericks, puts it, “[Athletes]have to be very lucky.” But that didn’t seem to be the case for Jordan, who found success as soon as he entered the NBA.
When the first pair of Air Jordan sneakers hit the market in 1985At the end of his rookie season, Nike estimates sales of 3 million units Dollar. Two months later, the brand’s sales reached $70 million, and by the end of the year sales exceeded $100 million., according to a 2023 study from Temple University.Jordan initially signed for five years, earning $500,000 more per year royalties. Nike announced in its latest annual report that the annual revenue of Jordan Brand wholesale business was US$6.6 billion, an increase of 28.6% over the previous year.
Nike isn’t the only company trying to capitalize on Jordan’s talent and charisma. “Before anyone talked about a human brand, he was a brand,” said Marc Ganis, president of the consulting firm Sportscorp. “This isn’t Michael Jordan promoting Gatorade, this is Gatorade saying, ‘Drink Gatorade to look more like Michael.'”
but Shortly after retiring from the NBA for the second time in 1998After that, Jordan began to drift away from the life of the famous pitcher. According to ESPN reports, Made an unsuccessful bid to buy the Hornets (later became the New Orleans Pelicans) and Milwaukee Bucks. Jordan eventually joined an ownership group led by Leonsis that purchased 44% of the NHL’s Washington Capitals and Washington Wizards, taking over as president of basketball operations for the latter’s then-majority owner Abe Poulin.
“He was like a sponge,” said Leonsis, who remembers Jordan being very curious and asking a lot of questions. From selling sponsorships to advertising, Leonsis imparted his knowledge of the sports business. “In the end, he was more right than I was, if you have a great team and you have star players, it’s easy to sell tickets, suite and sponsorship.
Jordan’s return to the court for two seasons would mean giving up his stake, and, When he retired for the third and final time in 2003, he didn’t have to wait long to buy another team..Jordan Purchased a minority stake in the Charlotte Bobcats in 2006 Four years later, he became the first NBA player to become a majority owner in a largely debt-financed deal that valued the franchise at $175 million, with BET founder Robert L. Johnson originally The $300 million paid to expand the team was down significantly from 2003.
As competitive as the Hornets were, Jordan’s Hornets never found success on the court (the team dropped the Bobcats nickname in 2014) and failed in the first round of the playoffs. playoffs Selected to the NBA three times in the past thirteen years. But that didn’t stop Jordan from sparking a wave of rapidly appreciating sports franchises. In 2019, he sold a 20% stake to Melvin Capital founder Gabe Plotkin and D1 Capital Partners founder Daniel Sundheim at a valuation of $1.5 billion. The team ended up selling for double two months ago when Jordan ceded majority control to Plotkin and fellow hedge fund founder Rick Schnall. Among NBA teams, only the Phoenix Suns sold for more, with United Wholesale Mortgage CEO Mat Ishbia selling it for $4 billion earlier this year. Bought this team.
“Now people are saying, ‘Well, if Charlotte does a great business with ‘He’s done it, it helps everybody.’ “If I reach a settlement, people won’t be happy with it.”
Jordan retains small stake in Hornets, which will allow him to stay connected to basketball while looking for his next business venture.Jordan has made his mark over the years Entering into other businesses such as car dealerships, restaurants, and most recently capital investments. Through Leonsis, he has invested in companies such as CLEAR, Mythical Games and Dapper Labs, as well as DraftKings and Sportradar.
As for Jordan’s next challenge, Leonsis hopes NASCAR will take a more prominent role in his business career. In 2020, Jordan co-founded Cup Series team 23XI Racing with Joe Gibbs Racing driver Denny Hamlin. “I bet this will end up being a big deal for him, too,” Leonsis said. “It’s his competitiveness and his desire to win.”