It is a very common cliche, it takes money to make money. It’s hardly fair to talk about the NBA and money without addressing Michael Jordan. Jordan’s net worth has increased more than 25 times since his retirement. He is the first and richest NBA superstar, with a net worth of around $2 billion. As a matter of fact that less than 6% of his income came from his NBA salary.
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Apart from being a legendary basketball player, Jordan is also a genius businessman. The world knows the story of Nike and the Air Jordans. Today the royalties itself earn Jordan more than $130 Million a year. And in the last 3 decades, Nike has paid more than $1.5 billion. Jordan has just added a major chunk to his net worth thanks to an investment he made in 2010.
The NBA franchise Charlotte Hornets is operated and owned by Michael Jordan. He paid $180 million to purchase the team in 2010.
An investment that increased Michael Jordan’s fortune by billions
Back in 2010, the Hornets were quoted as the worst NBA team. So the Chicago Bulls legend paid 180 million dollars to Bob Johnson, the former owner of the Hornets, and took 97% ownership of the franchise. With time there seems to be not much of an improvement in the performance. But thanks to the media and international attention, in 2022, the estimated value of the franchise is more than $1.5 billion.
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CHICAGO, IL – MARCH 16: Michael Jordan #23 of the Chicago Bulls looks on during the game against the New Jersey Nets on March 16, 1998 at the United Center in Chicago, Illinois. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 1998 NBAE (Photo by Scott Cunningham/NBAE via Getty Images)
Jordan Jordan sold 20% of his Hornets ownership share to a group of investors in 2021. Still, he retains majority control of the franchise. Even after investing in a poor-performing team, he manages to multiply his investment tenfold over the course of ten years. Not only that, but Jordan has money invested in a wide range of industries. This has made him head and shoulders above all the other athletes turning him into the richest athlete in the world.
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Jordan has made investments in the fashion, technology, alcohol, and sports industries, among other areas. Making him one of the world’s most admired businessmen. What are your thoughts on Jordan as a businessman? Do tell us in the comment section below.
