Michael Jordan: How Michael Jordan became the richest NBA player of all time: Net worth breakdown, career earnings, Nike deals, businesses and endorsements

According to Bloomberg, Michael Jordan’s net worth is estimated to be $3.5 billion in 2024 through his partnership with Nike, investments and a stake in the NBA team Charlotte Hornets. This makes him somewhat the richest basketball player in the world.

How did Michael Jordan become the richest basketball player of all time?

Jordan recently decided to end his long-term ownership of the Charlotte Hornets, selling a majority stake to Rick Schnall and Gabe Plotkin for approximately $3 billion Leadership group. The sale brings Jordan’s net worth to an estimated $3.5 billion, according to Bloomberg. Considering Jordan’s annual salary in the NBA is only around $100 million, with the rest of his income coming from his amazing Nike deals and business ventures, his net worth is staggering.

nike and Air Jordan – Groundbreaking partnerships

As early as 1984, Nike’s basketball division was on the verge of collapse due to mounting losses. Fearing the devastating impact of rivals such as Adidas and Converse, Nike risks losing its basketball business entirely. In an ambitious move, Nike went all-out to sign a young Michael Jordan, the Chicago Bulls’ third overall pick in the NBA draft.

Jordan signed a then-record $500,000 per year contract with Nike. The basketball guru is also reportedly set to take a 5% royalty fee from Jordan Brand’s revenue. His Airness’ net worth reportedly increased by approximately $2 billion as a result of the arrangement. Forbes also reported that Michael earned $1 billion from the Air Jordan deal.

This partnership not only boosts the growth of Nike and Jordan, but also has a significant impact on the future of athlete sponsorship and endorsements. Athletes now have a say in their future, they are not just puppets for corporations and marketing.

Jordan’s career NBA earnings and contracts

The 14-time All-Star earned $94 million in NBA salary during his 15-year career with the Chicago Bulls. His initial contract with the Bulls was a seven-year, $6.3 million rookie contract that included a $250,000 signing bonus and a base salary of $455,000 in the first season. A large part of Jordan’s NBA income came from his last two seasons with the Bulls, where he earned $30.1 million and $33.1 million respectively.

MJ – Successful businessman off the field

Since hanging up his boots, the six-time NBA champion has built a solid business and investment portfolio that has brought his net worth to $3.5 billion.

Michael Jordan was the majority owner of the NBA team Charlotte Hornets for 13 years. While the team struggled for stability on the court, off the court Jordan sold his shares for a staggering $3 billion in 2023.

Michael Jordan also joined forces with former MLB stalwart Derick Jeter and 16 other investors to raise $1.2 billion to buy MLB team the Miami Marlins minority stake in the team.

MJ also dabbles in motorsports by owning a NASCAR team called 23XI Racing. Michael also acquired ownership of sports betting company Draft-Kings and served as a corporate consultant.

The NBA legend also owns a golf course that is used by professional and private golfers. Michael Jordan Grove XXIII Golf Course is located in South Florida.

Jordan’s love for food and drink has extended into his business ventures, as he owns his own chain of restaurants, Michael Jordan Steakhouses. Jordan is also the co-owner of luxury tequila brand Cincoro Tequilla.

As the greatest, most influential and popular athlete of his generation, Jordan has become the face of many brands. In addition to his groundbreaking Nike endorsement, MJ has received sponsorships from Hanes, Gatorade, Upper Deck, Coca-Cola, McDonald’s, Wheaties and Chevrolet, among others.

Philanthropy in Jordan

The basketball icon has donated $10 million in philanthropic funds to the Make-A-Wish Foundation. The Bulls icon has been at the forefront of the fight against income equality and has generously donated nearly $100 million to fight income inequality and injustice in his community. In addition, Jordan will donate profits from the Netflix documentary “The Last Dance” to charity.

did you know? – Michael Jordan received an advance of approximately $20 million to star in Space Jam

In 1996, Jordan wowed the world by starring in the sports adventure fantasy film Space Jam. Warner Bros. Pictures reportedly gave Michael an advance of $20 million to star in the film. According to reports, 5% of the film’s global box office of $250 million came from the star.