It’s been 20 years since Michael Jordan, the world’s first dollar billionaire athlete, left basketball. However, he continued to add wealth to his wealth thanks to the right steps he took in the business world. Jordan is now selling his NBA team…
As an answer to the question of who is the first dollar billionaire athlete ever, many people may think of active athletes such as Ronaldo, Messi and even Lebron James. But it’s been almost 20 years since the world’s first dollar billionaire left the sport. This name is none other than the legendary name of basketball, Michael Jordan, known by the nickname ‘His Majesty’. Michael Jordan, whose net worth is $ 2 billion according to Forbes magazine, is on the agenda with the sale of his shares in the NBA team Charlotte Hornets, which is the main source of his wealth these days.
Jordan agreed to sell the Charlotte Hornets, which he bought in 2010 for $275 million, to a group led by majority financiers Gabe Plotkin and Rick Schnall. Jordan still owns 75 percent of the team, despite selling a 20 percent stake in the Hornets in 2019. The Hornets are estimated to be worth $3 billion. It is likely that Jordan pocketed many times more from this sale than he paid in 2010. Jordan will continue to be responsible for basketball operations for the 2023 NBA draft and the free agency period starting July 1.
Jordan now He will continue to have a big say in the management of the Hornets…
THE RIGHT STEPS
Before this sale, Jordan was a billionaire and led a very luxurious life. Although he is considered by many to be the greatest basketball player of all time, the money he earns playing basketball is only a small part of his fortune. Jordan earned a total salary of $90 million during the years he played with the Chicago Bulls, and $63 million of that in the last two seasons. Being in the right place at the right time is the main reason His Majesty has amassed a fortune of $2 billion. While many athletes squandered their money after retiring from professional sports life, Jordan took the right steps to add to his fortune both when he played basketball and afterwards.
THE BIRTH OF AIR JORDAN…
The sponsorship agreement he signed with the US clothing company Nike in 1984 became one of the turning points of his life. Nike boss Phil Knight describes the deal he signed with Jordan for $250,000 in 1984 as the best decision of his life. Created in collaboration with Her Majesty and Nike, the Air Jordan brand generates an estimated $3.6 billion in annual revenue. Only $100 million of Jordan’s $145 million annual revenue comes from the Air Jordan brand. Although nearly 40 years have passed since the birth of the brand, Air Jordan products, especially shoes, are still very popular around the world.
Jordan doesn’t just earn from the Air Jordan brand, of course. Beverage brand Gatorda and clothing brand Hanes also use Jordan as their brand face. Thanks to sponsorship agreements such as Air Jordan, Gatorade and Hanes, the famous athlete hasHe is estimated to have earned a total of $1.4 billion.
RESTAURANTS AND GOLF COURSE
Michael Jordan is also known for his investments in the service industry. The famous athlete has restaurants in Florida, Chicago, Connecticut and Washington. A golf course named Groove XXIII, where Air Jordan products are used, is among Jordan’s investments. The Japanese automotive giant Nissan dealership in Durnham, North Carolina also belongs to Jordan. In addition to these investments, Jordan also has a $305 million investment in Dapper Labs, a startup company that is part of Top Shot, the NBA’s online player card platform.
Jordan’s basketball career is full of success. Having won a championship with the University of North Carolina in the US Colleges League NCAA, Jordan has a total of 6 NBA championships with the NBA team Chicago Bulls. His Majesty is also the owner of a total of 2 Olympic titles, one in 1984 and the other in 1992.
Sources: Business Insider, ESPN
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