Mothers know best, and for Michael Jordan and his mother, Delores, nothing could be more true. In fact, without Mrs. Jordan’s astute business acumen, he wouldn’t be the billionaire he is today.
According to the Mirror, Deloris Jordan is the one insisting on renewing his contract with Nike. The Swoosh company is in a fierce signing battle with Adidas and Converse for MJ’s services. Ultimately, Nike won the competition with a five-year, $2.5 million offer, money that Jordan couldn’t refuse.
That said, the icing on the cake was his mother’s insistence that her son receive 5% of shoe sales every year in perpetuity.
“Michael’s mother, Deloris Jordan, is urging Nike to pay her son a 5% royalty on all shoes sold with his likeness if they want him to be the face of their basketball division. fee. “Nike agreed to the terms and the rest is history. “
Mirror
According to reports, Jordan Brand’s revenue will exceed $5 billion by 2022. 5% of that is more than $250 million, which is exactly what Jordan received from Nike last year. Reports indicate that Jordan Brand’s revenue will exceed $6.5 billion by 2023. This means MJ’s revenue will exceed $300 million.