“Don’t steal my brand’s symbol” Michael Jordan and Nike were sued $30 Million for reportedly stealing a trademark
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Michael Jordan with the Air Jordan shoe
Some of the most famous NBA events and the influence Michael Jordan had on the game were brought to light in the documentary “Last Dance.” The most noteworthy of these occurred in 1984 when Jordan chose to partner with Nike over then-dominant Adidas in a rookie endorsement deal. The famous “Air Jordan” trademark shoe was produced later that year and grossed over $100 million in sales in a single year. According to Forbes, Nike has reportedly paid NBA great Michael Jordan an estimated sum of more than $1.3 billion since the two companies’ original contract was signed in 1984.
Although Michael Jordan and the Jordan brand are significant moneymakers in the apparel and footwear industries, they had to defend a $30 million lawsuit in 2020. Also now a successful businessman, I n addition to owning the Charlotte Hornets and, of course, the Jordan brand, he has made excellent commercial investments. Jordan’s main source of income is likely his income from Nike. Jordan has also made a number of excellent investments that have brought in a lot of money for him. He’s made a $2.1 billion fortune from companies including Coca-Cola, Wheaties, Chevrolet, Gatorade, and Hanes.
Michael Jordan and his GOAT endorsement with Nike.
Without a doubt, one of the greatest NBA players ever was Michael Jordan, whose career numbers rank among the best of all time, and his illustrious career in the NBA Finals puts the icing on an already outstanding resume. It may be claimed that for 10 seasons, Jordan was among the best five basketball players because of his selection to 10 All-NBA first teams. He also won a record 10 scoring titles, nine first-team All-Defensive honors, five NBA Most Valuable Player awards, and had the highest career scoring average (30.1 points per game) in league history throughout his playing career. Jordan led the Bulls to six NBA championships and was the MVP of all six of them.
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The Air Jordan brand brings quite a lot of money for Michael Jordan. He receives a 5 percent royalty from Nike as part of his contract, and each sale of an Air Jordan brings in $150 million annually. However, the company encountered some issues in 2020 when Light Royalty and its CEO Rocco Giordano filed a $30 million lawsuit against them for allegedly copying their 6-level star logo. Light Royalty or Giordano stated that they never gave their approval for Nike to use the insignia.
The company also was claimed false designation of origin, unfair competition, unjust enrichment, and deceptive activities in addition to copyright infringement, totaling $30 million in claims. However, there is no indication that the brand’s expansion would soon slow down. In the 2019 fiscal year, Jordan Brand contributed $3.1 billion in sales to Nike while also recording its first-ever $1 billion quarter. The Jordan brand is now a multi-billion dollar business after crossing $5 billion in yearly revenue in 2022 making Jordan a billionaire.
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