FILE - Washington Wizards Michael Jordan waves as he walk off the court at the end of the game against the Philadelphia 76ers Wednesday, April 16, 2003, in Philadelphia. It was Jordan’s last NBA game.(AP Photo/Miles Kennedy, File)
Michael Jordan is widely regarded as the greatest basketball player of all time, but his achievements go beyond the court. He is also one of the most successful businessmen and investors in the sports industry, with a net worth of $3 billion as of 2023.
In this article, iexclusivenews will let you know how Jordan built his fortune and became the first professional athlete to rank among America’s wealthiest individuals on The Forbes 400.
Jordan’s journey to wealth and fame began in 1984, when he joined the NBA as the third overall pick by the Chicago Bulls. He quickly established himself as a dominant force in the league, winning six championships, five MVP awards, 10 scoring titles and two Olympic gold medals. He also earned $94 million in salary over his 15 NBA seasons, making him the highest-paid player in 1997 and 1998.
But Jordan’s real money came from his endorsements and partnerships with some of the world’s most recognizable brands, such as McDonald’s, Gatorade, Hanes and, of course, Nike. He was one of the first athletes to leverage his popularity and charisma into a personal brand that transcended sports. According to a 2023 study from Temple University, he generated an estimated $2.4 billion (pre-tax) in career earnings from his off-the-court ventures.
Shoe Business: The first Air Jordans cost $65 in 1985. In 2020, a 1985 pair signed by their namesake sold for $560,000 at Sotheby’s. FOCUS ON SPORT/CONTRIBUTOR/GETTY IMAGES
The most lucrative and influential of these ventures was his collaboration with Nike to create the Air Jordan line of sneakers and apparel. The first Air Jordan shoe was released in 1985 and became an instant hit, selling $70 million worth of merchandise in its first year. Since then, the Air Jordan brand has grown into a global phenomenon, generating $6.6 billion in annual wholesale revenue for Nike in 2023. Jordan still receives a hefty royalty check from Nike every year, estimated at $260 million in 2023.
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Jordan retired from the NBA for the second time in 1998, after leading the Bulls to their second three-peat. He briefly returned to play for the Washington Wizards from 2001 to 2003, but his focus shifted to becoming an NBA owner. He made several attempts to buy a stake in various teams, such as the Charlotte Hornets (now the New Orleans Pelicans) and the Milwaukee Bucks, but failed to close the deals.
He finally succeeded in 2010, when he bought a majority stake in the Charlotte Bobcats (now the Hornets) for $275 million. He became the first former player to own an NBA team and the second Black majority owner in league history. He also became more involved in the team’s operations and decision-making, hoping to turn around its fortunes.
Jordan’s investment paid off handsomely in August 2023, when he sold his majority stake in the Hornets at a staggering $3 billion valuation. This was the second-highest sale price for an NBA franchise ever, behind only Steve Ballmer’s $2.2 billion purchase of the Los Angeles Clippers in 2014. It was also nearly 17 times more than what Jordan paid for the team in 2010.
The sale boosted Jordan’s net worth to $3 billion, making him one of only three professional athletes to reach billionaire status, along with LeBron James and Tiger Woods. It also earned him a spot on The Forbes 400 for the first time, ranking him as the 379th richest person in America.
Jordan’s success as an athlete, an owner and a brand is unparalleled in sports history. He has not only achieved greatness on the court, but also created immense value and impact off it. He has inspired generations of fans, players and entrepreneurs with his passion, excellence and innovation.
As Ted Leonsis, owner of the Washington Wizards, Mystics and Capitals, who has partnered with Jordan on multiple investments and sports ownership in the past, says: “Michael’s one of the few people that have had success three times. A lot of entrepreneurs, they make it once. They have a big win, take their winnings, retire and [we] never hear from them again, or they try something a second time and it doesn’t work. He’s had three mega successes”.
Jordan is not only a legend in sports, but also a legend in business. He is a living proof that with hard work, talent and vision, anything is possible.
Source: (Forbes)
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