Thanks to his sale of the Charlotte Hornets, the NBA legend is in rare air—becoming the first professional athlete to rank among America’s 400 wealthiest people.
ince Michael Jordan stepped onto an NBA court for the first time in 1984, earning an outsized payday has been a layup. Across his 16-year NBA career he hauled in $94 million and was the league’s highest-paid player in 1997 and 1998. But it was off the court where Jordan put serious air between himself and every other athlete on the planet, earning an estimated $2.
Shoe Business: The first Air Jordans cost $65 in 1985. In 2020, a 1985 pair signed by their namesake sold for $560,000 at Sotheby's., the Washington Wizards, Mystics and Capitals owner, who has partnered with Jordan on multiple investments and sports ownership in the past. “A lot of entrepreneurs, they make it once. They have a big win, take their winnings, retire and [we] never hear from them again, or they try something a second time and it doesn't work.
Wizardry: In January 2000, Jordan became a minority investor in the team and became president of basketball operations.Nike wasn’t the only company trying to capitalize on Jordan’s talent and charisma. “He was a brand before people discussed human beings being brands, says Marc Ganis, president of the consulting firm Sportscorp. “It wasn't Michael Jordan promoting Gatorade, it was Gatorade saying, ‘Drink Gatorade to be more like Michael.
Jordan’s two-season return to the court meant divesting his ownership stake and, when he retired for a third and final time in 2003, he didn’t wait too long to buy another team. Jordan purchased a minority stake in the Charlotte Bobcats in 2006 and, four years later, became the NBA’s first player-turned-majority-owner in a deal mostly funded by debt that valued the franchise at $175 million, a considerable drop from the initial $300 million BET founder Robert L.
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