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How First NBA Player Michael Jordan Net Worth Crosses $3 Billion?

by Jennifer George
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How First NBA Player Michael Jordan Net Worth Crosses $3 Billion?

Legendary basketball star Michael Jordan has become the wealthiest NBA member ever before. After selling his full ownership of the Charlotte Hornets, the projected Michael Jordan net worth is over $3.5 billion.

According to a statement from the NBA, in June 2023, Jordan decided to sell his majority ownership of the Hornets. It was to a group formed by Hornets minority investor Gabe Plotkin as well as Atlanta Hawks minority shareholder Rick Schnall.

NBA, Michael Jordan, and a team headed by Gabe Plotkin & Rick Schnall have reached an agreement to sell the majority of the Hornets to them.

Thus, Jordan became the all-time richest NBA player and celebrity when he sold his controlling ownership of the Hornets in an agreement estimated to be worth $3 billion.

Moreover, Jordan’s NBA salary, lucrative cooperation agreements with businesses like Nike, Gatorade, and Hanes, and royalties earned through his Jordan Brand all contribute to Michael Jordan’s net worth.

How Michael Jordan’s Net Worth Is In Billions Through His Career & Brands?

As A NBA Player

Michael Jordan played in fifteen NBA seasons, winning six titles. While playing for the Chicago Bulls and earning MVP honors each time. Before quitting the NBA in 2003, Jordan spent his final two seasons playing alongside the Washington Wizards as well.

According to Forbes, Jordan has made $90 million throughout his whole career playing for the NBA.

Further, according to Axios, the NBA icon became a billionaire because of a $175 million up to $275 million investment with the Hornets in 2010. Also, according to Forbes, Jordan sold a small portion of the team in 2019 for $1.5 billion.

Through Nike and Jordan Brand  

One of the largest transactions in sports is the multi-decade collaboration between Nike and Jordan. Which has brought Jordan over $1 billion.

Following Front Office Sports, Nike’s Jordan Brand, which includes the renowned basketball player’s brand of signature shoes, Air Jordan has generated $5.1 billion in revenue in 2022. Moreover, Jordan received an estimated 5% of that amount.

Since entering into his initial contract with Nike in 1984, Jordan has reportedly made approximately $1.3 billion. It is based on the corporation of 2020, according to Forbes.

Besides, the largest endorsement deal in sports, Michael Jordan earned almost $1 billion from Nike. However, according to Forbes, Jordan’s initial contract with Nike was for $500,000.

Hence, Deloris Jordan, Jordan’s mother, assisted her son in reaching an agreement with Nike that gave rise to his eponymous Air Jordan brand.

It includes the narrative of how the agreement between Nike and Jordan comes to be told in the April 2023 movie Air. Nonetheless, it features Matt Damon, Ben Affleck, & Viola Davis as Jordan’s mother.

What Are The Various Investments Made By Jordan?

Even, Jordan has several other ventures besides his lucrative partnerships with Nike and the Hornets. Thus he is co-owning the NASCAR and team 23XI. In addition, he has stock in the sports gambling company Draft Kings, owns a tequila company, and even operates many restaurants.

DraftKings

In the sports, betting business of DraftKings, Jordan serves as an investor and advisor. Jordan obtained a stake in the business in return for joining DraftKings as a special advisor. Furthermore, DraftKing’s market value was roughly $11.8 billion as of June 2023.

Cincoro- A Tequila Company

In addition, Jordan co-founded Cincoro, a tequila company, alongside four additional NBA owners. According to CNBC, the premium tequila brand had 1.5 million bottles sold nationally as of 2022. Additionally, it had won 23 prizes in spirit competitions. The company sells bottles for between $300 to $4,500 for limited edition bottles.

NASCAR

Jordan and NASCAR driver Denny Hamlin share ownership of the 23XI NASCAR team. According to FirstSportz, the squad has a $150 million market value.

How First NBA Player Michael Jordan Net Worth Crosses $3 Billion?
Michael Jordan Net Worth

Restaurant Michael Jordan’s Steak

Michael Jordan’s Steak House, which has outlets across Illinois, Connecticut, and Washington, is another eatery owned by Jordan.

Endorsement Deals

Jordan also had endorsement agreements with the following companies:

  • Rayovac batteries
  • Hanes, Gatorade
  • Chevrolet
  • McDonald’s
  • Ball Park Franks
  • Wheaties
  • Upper Deck sports playing cards

Further, Jordan signed a 10-year endorsement agreement with Gatorade in 1991. Which gave rise to the well-known “Be Like Mike” TV commercial and brought in approximately $1.4 million per year for Jordan.

In addition to surpassing any other athlete, he also made a record-breaking 19 appearances on the Wheaties box.

Some of Jordan’s business ties with these organizations have endured for more than 30 years. By making them some of the contracts involving a brand with an athlete that has lasted the longest.

Jordan’s exact compensation from these partnerships, whether in the past or present, is unknown. But at the age of 51, they are all credited with giving him the first NBA player to earn a billion dollars in 2014.

How Many Real Estate Properties Does Michael Jordan Owns?

Jordan Lives has a strong real estate background. His primary home seems to be a sprawling mansion in a highly exclusive gated community in Jupiter, Florida, which he reportedly purchased for a modest $4.8 million in 2012 before investing millions of dollars in renovations. The property is set behind a gate bearing his illustrious No. 23 and includes a regulation-size court for basketball with his “Jumpman” Nike logo.

In addition, he possesses a nine-bedroom, 19-bathroom residence in the Highland Park neighborhood of Chicago, two properties in North Carolina, where he was raised and attended the University of North Carolina, and one in Ski City, Utah.

Aircraft

Jordan flies to all of his properties in a chic Gulfstream G-IV private plane that has been specially decorated with a gray-and-white design inspired by his Air Jordan line of Nike shoes.

Up to 13 passengers as well as two crew members can board the 88-foot-long aircraft, which reportedly cost over $62 million to purchase and customize.

Conclusion

Jordan relinquishes his position as the main decision-maker concerning the recent sale, handing the reins to Plotkin along with Schnall. Along with that, the National Basketball Association Hall of Famer is going to act as the team’s alternate governor. While also holding a tiny ownership share in the organization.

His pioneering agreement together with sportswear giant Nike continues to be the cornerstone of his resources. Although the sale of his majority ownership within the Charlotte Hornets is unquestionably responsible for the current increase in Michael Jordan’s net worth.

Michael Jordan’s net worth from basketball salaries total is $90 million. However, his relationships with major corporations like Nike, Hanes, as well as Gatorade have greatly influenced his financial trajectory.

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