Michael Jordan is a natural competitor and a successful businessman, so much so that on Monday he became the first athlete to make the list Forbes 400 people, made up of the 400 richest people USAthanks to a fortune that has reached billions of dollars.
MJ This is confirmed by his recent entry into the list, where he received a large sum of money from the sale of his shares in the NBA’s Charlotte Hornets, of which he was the majority shareholder, and used those profits to accumulate $3 billion in his account. He’s a guy with a tremendous business flair, even since he entered the league four decades ago.
During his 16-year career NBAonly in terms of wages, Jordan His annual salary was $94 million, but he was only the highest-paid player in the league during the 1997 and 1998 seasons, all while playing for the then-humble Chicago Bulls.
However, the financial boom for “His Airness” came when his name brought the advertising market to a scale unprecedented in the sport. Jordan earned $2.4 billion (pre-tax) from sponsorships by becoming the face of the following brands: McDonald’s, Gatorade, Hanshi Most importantly, for Nikewho has his own line of sportswear and whose latest annual licensing revenue is about $260 million.
In fact, when the first Air Jordan sneakers were released during his rookie season, Nike expected sales to reach $3 million. Two months later, the brand’s sales reached 70 million, and by the end of the year, sales reached 100 million. Temple University.
In Jordan’s first contract with Nike, the contract was for five years at $500,000 per year, plus royalties.By 2022, annual revenue will be Nike Air Jordan fReaching 6.6 billion, an increase of 28.6% over 2021.
In fact, the stock sale of the Hornets, which ranks 27th in economic value among the NBA’s 30 teams, is also affected by its name, as Forbes estimated the cost of Hornets stock at $1.7 billion. Just last year, Jordan This goal was achieved. The second-highest asking price in league history.although Jordan Multiply that by 17 as a shareholder’s initial investment 13 years ago.
“Michael is one of the few people who has had three successes,” said Ted Leonsis, the company’s owner. Washington Wizards, Mystics and Capitals, Forbes, who has also been Jordan’s partner many times.
“A lot of entrepreneurs do this once. They get a huge win, they take the profits, they quit and we never hear from them again, or they try a second time and it doesn’t work out. He has achieved Three huge successes”: As a player, as a sports franchise owner and as a popular brand: Air Jordan from Nike.
How easy is it for athletes to become multi-millionaires?
But Jordan’s success wasn’t easy, no matter what people think, even though they made a lot of money during their short career.In fact, besides Jordan, there are only two other athletes in the United States who are even tepidly close to qualifying as a “billionaire,” that is, breaking the trillion-dollar mark: LeBron James and Tiger Woods.