Many sports fans are debating whether NBA superstars Michael Jordan The greatest basketball player of all time, 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.
what happened: 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 dozen years as owner of the NBA’s Charlotte Hornets, retaining a small stake in the team after it completed its sale 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 numerous brand endorsements, working with the likes of McDonald’s Corporation Dilated cardiomyopathyHanes, PepsiCo PEPGatorade and nike inc. NKE.
These endorsements combined with ownership of the Hornets have made Jordan one of the few athletes worth over $1 billion.
According to a new report from Forbes, the sale of the Hornets has made Jordan worth an estimated $3 billion.
Jordan is now on the Forbes 400 with a total worth of $3 billion, becoming the first professional athlete to achieve this feat.
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Why it’s important: 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 a movie called “Air,” which helped propel Jordan’s wealth in the coming years.
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, the second-highest sale valuation in NBA franchise history and marking an approximately 17-fold return on Jordan’s stake as the majority owner.
Some professional athletes have turned to team ownership as a way to stay involved in the sport or increase their wealth, something Jordan has accomplished over the past decade.
Jordan’s billionaire status may be indicative of the role team ownership plays in increasing personal wealth. Because there are only a limited number of publicly traded sports teams, sports ownership is often out of the question for the average investor.
Dyal HomeCourt Partners Yes Blue Owl Capital Corporation owl, is an investor in the Hornets. The company also owns stakes in the NBA teams Atlanta Hawks and Sacramento Kings.
NBA New York Knicks are part of a publicly traded company madison square garden sports co. MSGS.
NBA team ownership could attract more potential parties following the news of Jordan selling his ownership and the former star athlete joining Elite as one of the richest men in the world.
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