Everyone has heard the name of Michael Jordan, whether they are fans of basketball or not. Jordan in the peak years of his career became such a big name and a celebrity presence that in the eyes of many, he was bigger than the game itself. Jordan often ranked as the highest paid athlete in the world and earned tons of cash, which he has used wisely after his retirement to transition into a highly successful entrepreneur. ‘MJ’ as he is widely known among the legions of his adoring fan has now turned into a billionaire after a string of smart and highly successful investments and on the back of his ever-enduring brand value.
It has been over 15 years now since Jordan hung up his boots from the basketball court, but on the back of the legacy which he has created, he still earns more money in a year than any of the other basketball players do right now on the NBA circuit.
It is believed that he earns over a $100m dollars from his Nike royalties alone and still has a string of other endorsements in his kitty including some of the biggest brands in the world like gaming giants 2KSports, the world famous clothing line Hanes and others.
He has very successfully collaborated with Nike to create his own line of shoes both for professional and athletic use named ‘Air Jordan’. The line of shoes have become one of the most iconic lines, with many successful athletes in the NBA wearing Jordan’s line of sneakers. ‘Air Jordan’ has become such a raging success that it has also negotiated some highly successful sponsorship deals across other sports. French footballing giants Paris St. Germain launched an exclusive third jersey with the Air Jordan logo. Air Jordan has also successfully collaborated with various NASCAR teams and athletes.
Jordan also co-owns an automotive group which has a dealership deal with Nissan. Jordan also holds great interest in the restaurant business and has a string of hotel chains, including a steakhouse in New York City’s Grand Central Terminal.
But the most successful which Jordan has ventured into is by buying a franchise in the NBA, the Charlotte Hornets. Initially, in 2006, he became a part-owner of the franchise along with his role of being the head of the basketball operations.
But in 2010, he brought a controlling stake in the franchise for $275 million. According to the agreement of the ownership, Jordan owned 80% of the stakes in the franchise. In 2014, he bumped up his stakes to 89% in the franchise. Under his stewardship, the brand of Charlotte Hornets has risen sky-high and they are now valued at over a staggering $750 million dollars. This made Jordan the first basketball player in history to become a billionaire. He has used his successful experience in being a franchise owner and has also invested in becoming a part-owner of Major League Baseball franchise Miami Marlins.
As of 2018, Michael Jordan is the third-richest African-American in the USA after businessman Robert F Smith and media mogul Oprah Winfrey.
Michael Jordan well and truly personifies the word ‘success’ with all the achievements which he had!