With the Charlotte Hornets trade, Michael Jordan allegedly increased his net worth to approximately $3.5 billion, making him the all-time richest basketball player.
The 60-year-old, a five-time MVP and leader of the Chicago Bulls to six NBA titles, just sold the Hornets the majority ownership for $3 billion.
The Hornets asserted that Jordan has kept a little ownership in the NBA franchise, despite having given up ownership of the team to a group headed by Gabe Plotkin and Rick Schnall.
Since inking a contract with Nike in the 1980s, Jordan—who is regarded as the greatest NBA player of all time—has amassed an enormous empire in the business world.
Back then, MJ was by no means a household name. But in the forty years that have passed, he has developed into perhaps the most iconic athlete of all time in terms of cultural significance.Jordan signed a $2.5 million five-year contract, his first with Nike, in 1984. The original Air Jordan sneakers were released shortly after. According to reports, Jordan made over $1 billion from his connection with Nike by 2020. In 2022, he reportedly made $256 million from the company.
According to Bloomberg, Jordan Brand generated $5.1 billion in revenue last year, or almost 11% of Nike’s overall sales, according to corporate documents.
Similar agreements have recently been made by other athletes: Earlier this year, Under Armour established a long-term partnership with Steph Curry, which includes shares valued at $75 million. LeBron James, on the other hand, has amassed a billion-dollar wealth from investments, endorsement deals, and his video production company, SpringHill Co.Magic Johnson’s estimated net worth is $620 million, whereas LeBron James’ is estimated by Bloomberg to be over $1.5 billion. According to some estimates, Vinnie Johnson and Shaquille O’Neal each made $400 million, while Junior Bridgeman’s wealth is estimated to be around $600 million.
The Billionaire Index estimates that MJ made 5 percent on Air Jordan sales alongside endorsement deals and his NBA salary. His total career compensation from the Washington Wizards and Bulls is projected to have exceeded $90 million.
A 10-year, $13.5 million endorsement agreement with Gatorade was among Jordan’s other endorsements. It’s been estimated that during the height of his career, Jordan earned $15–20 million from these deals.
More recently, MJ started 23XI Racing on the NASCAR circuit and joined DraftKings, a sports betting startup, as an investor and special adviser. For $275 million, Jordan acquired a majority ownership of the Charlotte Bobcats in 2010.