HomeCelebritiesNBA Legend Michael Jordan's Net Worth And Businesses

NBA Legend Michael Jordan’s Net Worth And Businesses

Michael Jordan is a ex- American basketball player who amassed a fortune via his NBA career, sponsorships, and ownership of the Charlotte Hornets. In this article, we’ll look at Michael Jordan’s net worth, sources of income, and career. 

Who Is Michael Jordan?

Aside from being a former NBA player, Michael Jordan has owned teams, endorsed products, and started his own business. He is largely regarded as the best NBA player of all time. Jordan made the Chicago Bulls to six NBA championships and was voted league MVP five times. He was selected into the Basketball Hall of Fame twice (2009 and 2010), won two Olympic gold medals (1984 and 1992), and received several additional honors. 

Early Life

While his childhood was spent in Wilmington, North Carolina, Michael Jeffrey Jordan came into this world in 1963 in Brooklyn, New York. His mother worked in finance, while his father, James R. Jordan Sr., was an industrial supervisor.

As an athlete, Jordan was a three-sport standout at Wilmington’s Emsley A. Laney High School.

Early Career

Jordan did not make his high school basketball team a sophomore because he was 5 feet 11 inches tall. That year, he concentrated on other sports, including baseball and football.

Jordan joined the squad in junior high after growing to roughly 6 feet 3 inches tall. Jordan was chosen to the 1981 McDonald’s All-American Team during his senior year. He helped the squad win the gold medal.

Michael Jordan was pursued by several schools and institutions, including Duke, South Carolina, North Carolina, Syracuse, and Virginia.

Upon receiving a basketball scholarship, Jordan attended UNC in 1981 with a degree in cultural geography. The Chicago Bulls picked Michael Jordan in 1984 as a student at UNC.

Professional Career

Michael Jordan spent 13 seasons with the Chicago Bulls (1984-1993; 1995-1998), winning six championships and being voted Finals MVP all six times.

To play baseball, he took a year and a half off (1993–1995). After fifteen seasons in the NBA, Jordan announced his retirement in 1998 and became a part-owner of the Washington Wizards.

Jordan returned to the NBA in September 2001, joining the Washington Wizards. He led the Wizards to a playoff appearance and a winning record in 2001–02, making him a strong contender for MVP.

After a record-tying six consecutive Finals MVP awards, three NBA All-Star Game MVP awards, and five regular season MVPs, Jordan announced his retirement from basketball and the NBA in 2003. 

What are the Sources of Michael Jordan’s wealth?

Michael Jordan’s net worth is believed to be over $2.2 billion. His income is derived from many sources: 

NBA Career

Michael Jordan was picked by the Chicago Bulls in 1984 and signed a seven-year, $6 million deal for around $850,000 each season. After five years with the Bulls, Michael signed an eight-year, $25 million contract extension, making him the highest-paid NBA player ever at $5 million per year. 

Michael signed a one-year contract for $30 million in 1996, followed by another one-year contract for $33.14 million in 1997. Michael’s overall pay throughout his NBA career was around $93.7 million (equivalent to $161 million today). 

Nike Deal and Annual Royalties

When Nike agreed to pay Michael Jordan $500,000 a year for five years in 1984, it broke all records for a sponsorship deal. Jordan also got Nike stock options, bringing his total pay to $7 million over five years. 

The Air Jordan agreement was the biggest of any athlete-brand partnership. Within the first year, Air Jordan produced $100 million in sales. Today, Air Jordans account for 58% of all basketball shoe sales, and the brand earns more than $2.5 billion in yearly sales for Nike. 

Deals and Endorsements

Michael Jordan’s highest-paying partnership and endorsement has been with Nike. In 1992, Jordan received 25 cents for each Air Jordan sneaker sold. Today, he receives 5% of every Air Jordan sneaker sold. Nike gave him $480 million in shoe royalties from 2002 to 2012. Jordan’s Nike royalty is typically between $80 and $100 million yearly, with some years reaching $120 million.

MJ also has a lifelong cornerstones deal with Gatorade, dating back to 1989, when he signed a 10-year, $18 million endorsement contract in a campaign called “Be Like Mike.”

Throughout his career, Michael Jordan has amassed a fortune of almost $1.4 billion from corporate sponsors. 

Ownership of the Charlotte Hornets

Michael Jordan acquired a stake in the NBA franchise known as the Charlotte Hornets in 2006. In 2010, Michael paid $175 million for a controlling stake in the Charlotte Hornets, giving him 80% ownership. 

In 2014, Michael became the first person of all time to earn a net worth of $1 billion and a half when he raised his ownership interest to 89.5%. Hedge fund managers Gabe Plotkin and Daniel Sundheim purchased Michael’s Charlotte Hornets ownership share in 2019 for $1.5 billion. 

Golf Course

Jordan owns a unique golf course, Grove XXIII, which he constructed in 2019 and affectionately calls Slaughterhouse 23. 

Investments

Jordan runs a car business and seven eateries. He co-founded Michael Jordan’s Steakhouse in Washington, Connecticut, and Chicago, and 1000 North in Jupiter, Florida.

Michael also has a controlling share (over 89%) in the Charlotte Hornets, making him a millionaire.

Jordan has also invested heavily in online enterprises such as Gigster, which connects organizations with freelancers such as developers, project managers, and software designers.

Cincoro Tequila was founded in 2019 by Michael Jordan and four others. 

Real Estate

Michael’s basic property currently is a luxurious estate in Jupiter, Florida, which spans 26,000 square feet. He paid $4.8 million buying the property in 2011, then spent two years and $7.6 million renovating his ideal house.

Michael spent $2.8 million in March 2013 for a massive 12,310-square-foot property in Charlotte, North Carolina, that was situated on a lake. Michael also has a luxurious property in the city, which keeps him close to the Hornets.

Salt Lake City, Utah, is another place where he owns property.

Jordan still owns the “Chicago Mansion” in Highland Park, Chicago, as a remembrance house. He stayed there during his several record-breaking seasons with the Chicago Bulls. 

Lawsuits

Michael Jordan and his brand have been sued multiple times over his career. He has won some of them and lost others. For example, he won a lawsuit against two grocery chains that used his picture without permission and gained millions.  

Impact of Michael Jordan’s Net Worth on Culture

Michael Jordan’s net worth has a cultural significance that goes far beyond the financial sphere. The ‘Jordan’ brand has become linked with achievement, excellence, and a never-ending quest for greatness. Jordan is a cultural hero who inspires ambitious businesspeople and players on the court and in the boardroom. 

Philanthropy and Legacy

Despite the flash and glamor of Michael Jordan’s financial success, his dedication to charity remains integral to his legacy. The Jordan brand has been actively engaged in philanthropic causes ranging from educational programs to healthcare projects. Understanding this charitable portion is critical when evaluating Michael Jordan’s overall societal influence.

Conclusion

Michael Jordan, the NBA superstar, has an astounding net worth of more than $2.2 billion, mostly due to rich endorsement agreements and ownership shares in the Charlotte Hornets. He’s also engaged in several companies, including his brand, Jordan Brand, which is still growing internationally, cementing his standing as a sports and business legend.

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