“Biggest Problem..is Supply”: Despite Being Worth Over $3 Billion, Michael Jordan and Three NBA Owners, Faced a Tough Time Kicking Off Their New Business
Follow Us
Michael Jordan may have been the best player in the NBA but he did not have a hot start with his venture Cincoro Tequila. He had founded this start-up with three other NBA owners: Celtics lead owner Wyc Grousbeck, Laker’s owner Jeanie Buss, and Milwaukee Bucks co-owner Wes Edens. Grousbeck’s then-fiancee and now wife Emilia Fazzalari is also an owner of the company.
Cincoro sold out in four markets before its official launch. They used the scarcity model to drive up a cult following. It never disclosed its full inventory, just that it had produced several thousand cases. It was a fertile market for them as the US consumes the most amount of tequila in the world- 18.3 million cases or 56% of the global consumption.
ADVERTISEMENT
Article continues below this ad
According to Edens, they had to face supply problems initially. He said, “The biggest problem we will have is the supply. I’m in the logistics and infrastructure business.” Edens, well known for being the co-CEO of the $39 billion private equity firm Fortress, was nonetheless confident about the success of his business.
“His Opinions Forever Invalid”: NBA Legend Who Locked Down Michael Jordan in the Finals, Ripped by Fans Over LeBron James Claim
Cincoro is now one of the biggest premium tequila brands. One of its anejos costed $130 in 2019. According to Fazzalari, they wanted good tequila after their meeting at a pizza place in 2016. To her, it was not a marketing ploy. For Michael Jordan, it was another success.
Michael Jordan is the first sports-billionaire
ADVERTISEMENT
Article continues below this ad
Jordan is the first sports billionaire in the world. His deal with Nike contributed a lot to it. Air Jordan is among the highest-selling shoes in the world. He made $100 million alone from Nike royalties, and this brand brings revenue up to $3.6 billion. Jordan is now $1.6 billion, due to his NBA team, the Charlotte Hornets. He got full control of the franchise from 2010 onwards.
Trending
Shaquille O’Neal and TNT Co-Hosts to Part Ways After 13 Years? Analyzing “Inside the NBA” Hurdles That Might End an Era
May 04, 2024 02:30 PM EDT
Billionaire Michael Jordan’s Drink With Derek Jeter Was Enough for Yankees Legend to Invest in $11.69 Billion Worth Industry
May 03, 2024 01:00 PM EDT
Brittney Griner Blasts WNBA for Ruining Angel Reese and Kamilla Cardoso’s Debut: “In No World Does It Make Sense…”
May 04, 2024 01:10 PM EDT
“Transferring? Hell Yeah”: Nika Muhl Gets Blunt on Fights With Geno Auriemma After 4 Years of Loyalty to UConn
May 04, 2024 09:02 PM EDT
Ty Lue Doesn’t Want To Coach Lakers & LeBron James As Billionaire Steve Ballmer’s Charm Traps 47YO Veteran
May 04, 2024 06:42 AM EDT
Get instantly notified of the hottest NBA stories via Google! Click on Follow Us and Tap the Blue Star.
Follow Us
The team has not impressed many with their performances on the court. But there has not been a letdown with the amount of money Jordan earning from this. He earns $145 million yearly from all of his sources. His pretty steady income lifestyle has protected him from shocks.
ADVERTISEMENT
Article continues below this ad
Watch this Story: “Promise Me You Won’t Go and Talk…”: 18-Year-Old LeBron James Rejected a $10 Million Check in the Hopes of a Bigger Payday
Is Jordan a pioneer for other sports businessmen to follow? What do do you think about his tequila brand? Discuss in the comments below.
Edited by:
Pritam Priyedarshi