After selling his full ownership of the Charlotte Hornets, legendary basketball star Michael Jordan has become the wealthiest NBA player ever, with an estimated net worth of $3.5 billion, according to Bloomberg.
According to a statement from the NBA, in June 2023, Jordan decided to sell his majority ownership of the Hornets to a group formed by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.2 Jordan became the all-time richest NBA player when he sold his controlling ownership of the Hornets in a deal estimated to be worth $3 billion.
Jordan still owns a small portion of the team as part of the agreement. There will no longer be any Black majority owners in the NBA as a result of Jordan selling his ownership.
Jordan, a 14-time All-Star and member of the NBA Hall of Fame, is recognized as the greatest basketball player in NBA history. He has also been listed among the world’s wealthiest athletes. Jordan was the highest-paid athlete of all time in 2017, 14 years after leaving the NBA, according to Forbes. According to Forbes, Jordan made $1.8 billion from business deals with Nike, Hanes, and Gatorade.
Jordan’s NBA salary, lucrative cooperation agreements with businesses like Nike, Gatorade, and Hanes, and royalties from his Jordan Brand all contribute to his net worth.
NBA
Jordan played in fifteen NBA seasons, winning six titles with the Chicago Bulls and earning MVP honors each time.7 Before quitting the NBA in 2003, Jordan spent his last two seasons playing for the Washington Wizards as well.
According to Forbes, Jordan has made $90 million throughout his whole career playing for the NBA.
According to Axios, the NBA icon became a billionaire thanks to his $175 million to $275 million investment in the Hornets in 2010. According to Forbes, Jordan sold a small portion in the team in 2019 for $1.5 billion.
Nike and the Michael Jordan Brand
One of the largest transactions in sports is the multi-decade partnership between Nike and Michael Jordan, which has brought Jordan over $1 billion.
According to Front Office Sports, Nike’s Michael Jordan Brand, which includes the renowned basketball player’s brand of signature shoes, Air Jordans, generated $5.1 billion in revenue in 2022, with Jordan receiving an estimated 5% of that amount.
Since entering into his initial contract with Nike in 1984, Jordan has reportedly made an estimated $1.3 billion from the corporation as of 2020, according to Forbes. According to Forbes, Jordan’s initial contract with Nike was for $500,000.
According to People11, Jordan’s mother, Deloris Jordan, assisted the basketball player in reaching an agreement with Nike that gave rise to his iconic Air Jordan brand. The narrative of how the agreement between Nike and Jordan came to be told in the April 2023 movie Air, which stars Matt Damon, Ben Affleck, and Viola Davis as Jordan’s mother.
Other Investments
Jordan has a number of other ventures besides his lucrative partnerships with Nike and the Hornets, including co-owning the NASCAR team 23XI, having stock in the sports betting company DraftKings, owning a tequila company, and even operating a number of restaurants.
DraftKings
In the sports betting business DraftKings, Jordan serves as an investor and advisor. Jordan obtained a stake in the business in return for joining DraftKings as a special advisor. DraftKings’ market value was roughly $11.8 billion as of June 2023.
Cincoro Tequila
In addition, Jordan co-founded Cincoro, a tequila company, alongside four other NBA owners. According to CNBC, the premium tequila brand had 1.5 million bottles sold nationally as of 2022 and had won 23 prizes in spirit competitions. The company sells bottles for between $300 to $4,500 for limited edition bottles.\
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NASCAR
Michael Jordan and NASCAR driver Denny Hamlin share ownership of the 23XI team. According to FirstSportz, the squad has a $150 million market value.
Restaurant Michael Jordan’s Steak
Michael Jordan’s Steak House, which Jordan owns, has locations in Illinois, Connecticut, and Washington.
