(VNF) – Up to now, the NBA legend’s successful agreement with the Nike sports fashion brand and the purchase of shares in the Charlotte Hornets basketball team have increased the fortune of player Michael Jordan. to 3.5 billion USD.
Player Michael Jordan was born in 1963 in Wilmington, North Carolina.
Ever since he was a student, he played for the University of North Carolina basketball team under legendary coach Dean Smith, who encouraged him to turn professional.
After graduating, Jordan joined the Chicago Bulls team in 1984 and quickly emerged as a star. During the period between 1980 and 1990, Michael Jordan was considered the person who “dominated” this sport.
Since joining the Chicago Bulls, Jordan has led the team to 6 NBA championships, the oldest professional basketball tournament in North America. He himself has also received five MVP awards, given to the best player in an NBA season.
Billion USD “handshake”.
Along with playing basketball, the legendary Jordan also began to be noticed by many brands.
In 1984, the male player signed a 5-year contract with Nike. This historic handshake was worth up to 2.5 million USD, helping to open a new era for the famous Jordan brand of the sportswear company.
The cooperation not only caused the male player’s assets to constantly multiply, but also saved the business situation of the entire enterprise. Thanks to Michael Jordan, Nike had a spectacular comeback against two other famous brands, Adidas and Converse.
In 2022, Jordan Brand, whose main product is the Air Jordan line, recorded revenue of 5.1 billion USD, accounting for nearly 11% of Nike’s total revenue, according to the company’s report.
In addition to a percentage from Air Jordan sales and contracts with Nike, Jordan players’ income also comes from many outside advertising contracts.
Specifically, Jordan player also signed a 10-year contract worth 13.5 million USD with sports drink company Gatorade and participated in advertising for the company on television in 1991 with a short film titled “Be like Mike”. ”. He is also the only athlete to appear on Wheaties breakfast cereal boxes 19 times.
According to the New York Times, in 1991, when he was at the peak of his career, he earned an average of 15 – 20 million USD per year just from advertising contracts from many different brands.
Earn a lot by selling shares in Charlotte Hornets
In addition to the money earned through his association with Nike, Jordan also received a large amount of money from the stock purchase of the Charlotte Hornets basketball team.
In 2010, this player bought a controlling stake in the Hornets team, known at that time as the Bobcats.
By 2022, after the NBA was considered the most profitable tournament in the world, share transactions of football teams began to explode. Feeling that this is a potential market, billionaires are racing to “spend money” to own a basketball team.
One of the notable acquisitions during this time period included the founder of wholesale mortgage lender UWM Holdings Corp., billionaire Mat Ishbia, purchasing more than 50% of Phoenix’s shares. Suns at a price of 4 billion USD.
When the opportunity came, Jordan player decided to sell his shares worth up to 3 billion USD in Charlotte Hornets to a group of investors led by Mr. Gabe Plotkin, founder of Melvin Capital Management and Rick Schnall, co-chairman. of Clayton, Dubilier & Rice Private Equity, ranked first.
This deal ended the 13-year run of player Michael Jordan as owner of the team (bought in 2010 for $275 million).
“Now is the right time for me to hand over the reins. I will continue to observe and follow the future of the group as a supporter for many years to come,” the basketball legend expressed.
The specific profits after this transaction have not been publicly disclosed, but, according to calculations by a research group, this agreement has brought Jordan players a relatively “huge” fortune, helping to consolidate His net worth is up to 3.5 billion USD, according to statistics from the Bloomberg Billionaires Index.