Michael Jordan’s sale of the Charlotte Hornets reportedly took his net worth to around $3.5billion, making him the richest basketball player of all time.
The 60-year-old, who led the Chicago Bulls to six NBA titles and was a five-time MVP, recently relinquished his majority stake in the Hornets for $3bn.
Jordan sold control of the team to a consortium led by Gabe Plotkin and Rick Schnall but the Hornets said he has retained a minority stake in the NBA team.
According to Bloomberg, whose Billionaires Index is calculating Jordan’s fortune for the first time, MJ is believed to have kept less than 5 per cent of his stake after flogging 65 per cent.
Jordan, widely considered the greatest NBA player in history, has built a commerical empire since he signed a deal with Nike 1980s.
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Jordan (R) had been the owner of the Hornets since 2010, leading them to the playoffs twice
Top five richest NBA players of all time
1. Michael Jordan – $3.5billion
2. LeBron James – $1.5bn
3. Magic Johnson – $620m
4. Junior Bridgeman – $600m
5. Shaquille O’Neal – $400m
MJ was far from a household name back then. However, in the four decades since, he has grown to become arguably the most culturally significant sportsman of all time.
Jordan’s first deal with Nike, signed in 1984, was worth $2.5million over five years. Not long after, the first Air Jordan shoes came out.
By 2020, it was claimed that Jordan had made more than $1bn from his partnership with Nike, while Jordan reportedly earned $256million from Nike in 2022 alone.
Bloomberg report that company filings show that last year, Jordan Brand brought in $5.1bn in revenue – nearly 11 per cent of Nike’s total sales.
Other athletes have struck similar deals in recent times: Under Armour announced a long-term deal with NBA icon Steph Curry earlier this year which included shares worth $75million. LeBron James, meanwhile, has built a billion-dollar fortune through endorsements, investments and the SpringHill Co. – his video-production company.
Bloomberg puts LeBron’s fortune at around $1.5bn, while Magic Johnson is reportedly worth around $620m. Other estimates put Junior Bridgeman’s fortune at around $600m, with both Shaquille O’Neal and Vinnie Johnson said to have made $400m.
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Los Angeles icon LeBron James has built a billion-dollar fortune from his success in the NBA
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Under Armour announced a long-term deal with NBA icon Steph Curry earlier this year
The Billionaire Index estimates that MJ made 5 per cent on Air Jordan sales alongside endorsement deals and his NBA salary.
His career earnings from the Bulls and the Washington Wizards are estimated to have surpassed $90m.
Other endorsements included a 10-year, $13.5m deal with Gatorade and it has been claimed that Jordan made $15-20m annually from these deals during the prime of his career.
More recently, MJ launched Nascar’s 23XI Racing and became an investor and special adviser to DraftKings, a sports betting company. In 2010, Jordan bought a majority stake in the then-Charlotte Bobcats for $275million.
