Is Michael Jordan a billionaire?
How Michael Jordan became the first NBA professional to join the billion dollar club is one exciting narrative.
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Michael Jordan (Getty)
Michael Jordan is one of the greatest athletes the world of sports has ever seen. During his legendary NBA career, Jordan has won six stellar championships with the Chicago Bulls. Even today, MJ remains one of the richest sports personalities on the planet. But exactly how much has Michael Jordan earned over the years, and is he truly a billionaire?
Jordan has been one of the highest-paid NBA players of his generation. Having earned over $90 million from his career salary, Jordan’s net worth towers far higher than just the hundred million mark. Over the years, MJ has evolved into a global icon through his fabulous achievements on and off the court.
How Jordan had become the first NBA professional to join the billion-dollar club is one exciting narrative. So exactly how did Michael Jordan become a billionaire despite earning less than 100 million in his NBA salaries?
How did Michael Jordan become a billionaire?
The six times NBA Champion Michael Jordan, is a billionaire with an estimated net worth of over $1.7 billion. Jordan earned his billionaire status in 2014 and is the first basketball personality to have aced the feat. A vast portion of his wealth owes to the majority stakes of the NBA franchise, Charlotte Hornets, and the rest from his many business investments and endorsements.
Since Jordan acquired the Hornets in 2010 for $275 million from previous stakeholder Robert Johnson, the franchise value has escalated over the years into a massive $1.77 billion as of today. MJ’s current shares are about 80% of the franchise, and it amounts to a value of roughly $1.495 billion.
Back in 2020, Jordan had sold a small portion of the Hornets’ minority shares to investors Daniel Sundheim and Gabe Plotkin. The sale brought MJ more than $300 million, adding to his already tremendous worth.
Partnership with Nike
Apart from his investments in the NBA, Jordan’s revolutionary partnership with Nike changed the face of the brand forever. The ultimate launch of iconic ‘Air Jordan’ shoes in 1984 earned more than $126 million in the very first year. Now almost three decades later, the revenues of the Jordan brand continue to earn MJ millions of dollars every year.
What’s more interesting is that the sales of the Jordan brand are still on the rise. The sales recorded a 31% increase between 2021 and 2022. Although the original percentage of Jordan’s shares is unknown, MJ is said to earn about 5% of every sale that Jordan’s brand makes.
Endorsements and Brand Collabs
Michael Jordan has partnered with various elite brands throughout and after his professional basketball career. His partnership and endorsements with heavyweights like Nike, Coca-Cola, Chevrolet, Gatorade, and Hanes, among others, have largely added to his wealth. Jordan has earned over $1.8 billion from his brand endorsement and royalties alone.
Michael Jordan became the first ever basketball athlete to have crossed the billion-dollar mark in 2014. Following his feat, Kobe Bryant and LeBron James are the only other basketball professionals who joined the billion club. An out-and-out successful businessperson, Michael Jordan has become a global icon and one of the richest sports personalities in the world.
In spite of his astounding wealth and worldwide renown, Jordan will forever reign the hearts of basketball fans for his dazzling performances on the court. Perhaps his greatest wealth is the millions of hearts he has won across his shimmering career, and the NBA legend continues to reign across that realm as the greatest of all time.
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Ritvik Malhotra
(1085 Articles Published)