Richest Basketball Player Michael Jordan Net Worth & Investments

Michael Jordan Net Worth: How Much Did Nike Pay Michael Jordan?

The greatest NBA player of all time, Michael Jordan, is far beyond his athletic achievements. Jordan has completely changed the game of basketball and has made major milestones on the global stage. However, his success is not only confined to basketball as he is more than an athlete; he is an entrepreneur, investor, and businessman who, with his insight, has made billions of dollars apart from dominating the world of basketball. Yes, today we will know more about Michael Jordan's net worth and the endorsement deals that have made him one of the richest athletes in the world.

Key Highlights

  • Michael Jordan has a net worth of about $3.5 billion as of 2024.

  • Michael Jordan earned about $5.1 billion in 2022 with his long-decade partnership with Nike.

  • He has invested significantly in companies like Draft King, Cincoro Tequila, NASCAR, etc.

  • Apart from being a basketball player, he is also regarded as a generous philanthropist who has constantly contributed to various causes.

What is Michael Jordan's Net Worth in 2024?

Recently, Michael Jordan decided to lose his long ownership of the Charlot Hornets franchise and sold his majority of state to a group led by Rick Shanall and Gabe Plotkin for around $3 billion. This made Jordan's net worth about $3.5 billion. His earnings from NBA salaries were only limited to $100 million. In contrast, the rest of his earnings came from the Nike deal and other major investments.

Related Articles: Phil Knight Net Worth: Nike Founder Before and After Jordan

How Did Michael Jordan Build His Wealth?

According to Forbes, Michael Jordan's net worth in 2023 was about 3 billion; however, he sold his major take of Charlotte Hornets, which made his net worth count to $3.5 billion. Over the years, he has earned a lot of money through his NBA salary, major endorsement deals, and investment in a few profitable ventures. Through his investment and money management skills, he has made himself one of the wealthiest athletes on the earth. He has built a network worth about $3.5 billion for himself. Let's dig deep into Michael Jordan's net worth and how he makes his earnings.

Endorsement Earnings

  • Nike: Michael Jordan's Nike endorsement is a long-decade partnership that has earned Jordan over $1 billion. Nike's Jordan brand, a signature shoe brand under Jordan's name, was about $5.1 billion in 2022, of which Michael Jordan acquired 5%. As of 2020, Jordan's earnings from Nike are estimated to be around $1.3 billion since he had a deal with the company in 1984. According to Front Office Sports, Michael received about 5% of Jordan's brand sales, which made him $256 million in 2022 alone.

  • Hanes: Michael Jordan and Hanes started their partnership in 1989 when Jordan became Hanes's spokesman and participated in commercials for the brand. In 2019, Hanes celebrated 30 years of collaboration with Jordan.

  • Gatorade: In 1991, when Jordan won his first NBA championship, Gatorade found a 10-year endorsement deal with him for about $1.4 million annually.

Michael Jordan's Investments

  • DraftKing: Michael Jordan is an advisor and investor in the sports betting company Draft King and has major stakes in the company. The market capitalisation of the draft king in 2023 was about $11.8 billion.

  • Cincoro Tequila: Jordan is a co-owner of the tequila brand Cincoro, which was created with his four other NBA owners. The brand has sold about $1.5 million bottles in the US alone and has won 23 awards in spirit competitions.

  • NASCAR: Jordan and NASCAR driver Danny Hamlin also own the NASCAR team. The team is valued at $150 million.

Michael Jordan's Charity Work

  • Netflix documentary earnings to charity: The recent Netflix documentary "The Last Dance" featuring Jordan's final championship was released, and all the profits from the documentary will be donated to a charity. The donation will be forwarded to Friends of the Children non-profit, an organisation working on expanding nationally, and Jordan strongly supports their efforts.

  • Support for arena workers during COVID-19: Michael Jordan pledged to support arena workers during the COVID-19 pandemic by paying them for the missed games. Moreover, Charlotte Hornet, with whom Jordan used to own, has also contributed to relief efforts in Carolina.

  • Hurricane relief effort: He has continuously contributed to hurricane relief efforts in the Bahamas and Carolina. 

  • Support for Make a Wish Foundation: For over three decades, he has been involved with the Make Foundation and has generously donated to children facing serious illnesses.

Michael Jordan's Real Estate Investments

Michael Jordan has luxurious real estate holdings.

  • Highland Park, Illinois: It is a 32,000-square-foot property in Highland Park, Chicago, having nine bedrooms and 19 bathrooms. The total properties span 56,000 square feet and include amenities like pools and courts. In 2012, the property was listed for $14.8 million.

  • Jupiter, Florida: Michael Jordan also owns a house on a golf course in Jupiter, Florida, which he purchased for about $4.8 million in 2013. He spent $7.6 million renovating the property, which is also a favourite spot for the Chicago Bulls legend.

  • Cornelius, North Carolina: Michael Jordan purchased a Lakefront home in Cornelius in 2013 for $2.8 million. It is situated on Peninsula Golf Course, a luxurious country club. The property has six bedrooms and is located within 22 miles from the home of Charlotte, the NBA team he owns.

  • Charlotte: Jordan also owns a luxurious condo in Charlotte, North Carolina. He owns the entire 7th floor of the trust condos, comprising about 7,000 square feet. 

‚Äč‚Äč‚Äč‚Äč‚Äč‚Äč‚ÄčSuggested Articles: What is Tiger Woods' Net Worth and How Did He Accumulate It?

How much does Nike pay Michael Jordan?

It was a time in 1984 when Nike was seriously struggling to compete with Adidas and Converse. Also, Nike was at risk of losing the basketball business, which is when Michael Jordan appeared as a saviour for Nike. The young Michael Jordan was a number three pick in the NBA draft in 1984 by the Chicago Bulls. Nike and Jordan signed a record-breaking deal of $500,000 annually. They promised to pay him 5% of the Jordan brand revenue royalties. With this endorsement, "His Airness" has earned billions in net worth, and according to Forbes, Michael has earned $1 billion from the Air Jordan agreement.

What Company Does Michael Jordan Own?

Discover the businesses owned by Michael Jordan, including the Charlotte Hornets and Jordan Brand.

Air Jordan Brand

Air Jordan is the best seller in sneakers in the sports apparel brand. The first Jordan sneaker, the Jordan 1s, was designed by Nike for Michael in 1984. Jordan's sneakers became so popular in the '90s that Michael and Nike agreed to operate 100% independently for Jordan's brand with the corporation of Nike. With this deal, Jordan made $5.1 million for Nike in 2022 and received 5% of Nike's sales.

Michael Jordan Steak House

It is a fine-dining restaurant group founded by retired basketball players in 1977. It is located in New York City and has changed throughout the US. The restaurant prepares high-quality steak for its customers. 

Nascar Racing Team 23x1 Racing

Michael Jordan owns a professional auto racing organisation that completes the NASCAR Cup series. The organisation has achieved massive success since Michael took over it.

Is Michael Jordan the Richest Basketball Player in History?

Michael Jordan is the wealthiest athlete who rose to billionaire status in 2014, and his net worth after the sale of Charlotte Hornet even reached new heights. He is the only athlete on the list of America's 400 wealthiest people. Yes, Michael Jordan is the richest basketball player in history.

Conclusion

Michel Jordan's network of $3.5 billion shows not only his success in the ring but also his journey from being a basketball player to a savvy businessman and philanthropist. His strategic investment and major endorsement deals have helped him become a billionaire for over a decade. He is not just a player but rather a man who has the ability to transform his sportsmanship and make a lasting impact on society for the good. Apart from watching him play his fantastic game, he is more worth learning. 

FAQs

What are Michael Jordan's major investments?

Some of Michael Jordan's significant investments include Nike, Hanes, Gatorade, and Upper Back.

How did Michael Jordan increase his wealth?

Apart from receiving a salary for an NBA, he has major investments in draft came. He is also a CO owner of a NASCAR team and owns a sneaker and sports apparel brand. 

How did Jordan become a billionaire?

Michael Jordan officially became a billionaire in 2014 when the value of Charlotte Hornet increased.

Suggested Articles:

21 Feb, 2024

0 Comments

Add a comment

Why Is Tax Season Very Important for Stock Market Investors? |  Why Is There No Tax in UAE? How Dubai Makes Money with No Tax? |  Fastest Growing Industries in India 2024: Booming Indian Sectors |  Top Tech Companies List: Top 10 Largest Tech Giants Worldwide |