Michael Jordan is undoubtedly one of the greatest basketball players ever. He has etched his name in sports lore with his legendary career. He was one of the few guards to ever win DPOY. With the Chicago Bulls, he earned five MVP awards, six championships and 14 All-Star selections. However, his brilliance extends well beyond basketball, as he has proven to be a shrewd business mogul.

Now, a surprising revelation has come to light. Apparently, Jordan’s business acumen caused a 74-year-old Olympic gold medalist to suffer a staggering loss of over $2.8 billion. As the world learns about the past blunder, they are left in awe of Jordan’s ability to impact not only the sports world but also the business realm.

The Billion-dollar blunder: Nike’s ‘savior’ before MJ

In the 1970s, Phil Knight envisioned making a significant impact in the basketball world. The Nike CEO wanted to compete with the bigger brands of the time, Converse and Adidas. Knight set his sights on a rising star, Spencer Haywood, who played right near Nike HQ with the Sonics. In a pivotal moment, Nike offered the future Olympic gold medalist Spencer Haywood a life-changing deal. 

In 1968, Haywood had become the youngest American basketball player to participate in the Olympics. He was just 19 years old but that didn’t stop him from becoming the leading scorer for the gold-medal winning team.

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Clearly, his star was bright. And Nike wanted him. So they gave him a potentially life-changing offer. The deal was $100,000 in cash or a 10% equity stake in the company.

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However, with the uncertainty surrounding Nike’s future, Haywood’s agent convinced him to choose the safer option of cash. Little did they know that Nike would soon soar to unimaginable heights.

After signing a young sensation named Michael Jordan, Nike changed its fortunes. In hindsight, Haywood’s blunder to pass on the equity stake cost him an estimated $2.8 billion as Nike transformed into a global sporting giant worth over $30 billion!

The Billion-dollar success: Michael Jordan with Nike

Jordan’s decision to sign a five-year, $2.5 million deal with Nike as a rookie in 1984 was a pivotal moment.

This deal revolutionized the athlete endorsement landscape. The record-breaking annual salary of $500,000 was unprecedented at the time. Simultaneously, his skills on the court garnered him an NBA All-Star selection, All-NBA Second Team honors, and the prestigious Rookie of the Year award, catapulting him into superstar status.

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In 1997, Jordan and Nike took their partnership to new heights by launching the Jordan Brand. The brand became synonymous with premium athletic footwear and apparel over the years. As of 2020, Jordan had already amassed $1.3 billion from his association with Nike.

The success story did not end there; in 2022, reports revealed that Jordan earned a staggering $256 million from his Nike deal alone.

The annual earnings surpassed his NBA salary across all years combined. This remarkable feat solidified Jordan’s position as not only one of the greatest basketball players but also as an unparalleled business mogul in the world of sports and fashion.