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The question of how much Michael Jordan is worth has come up again recently. The movie Air, which you can now see on Prime Video, is to blame for His Airness’s lack of buoyancy. The movie delves into the history of the legendary Air Jordan sneakers.
However, Michael Jordan doesn’t appear despite contributing to the production. There have been a lot of shoe sales. What about Jordanβs net worth, in the millions? What is the current status of Michael Jordan’s shoe deal, and what is his net worth?
We scoured the internet for details on Michael Jordan’s fortune.
Michael Jordan Net Worth
Michael Jordan is the wealthiest NBA player of all time and possibly the greatest basketball player ever.
As reported by Bloomberg, the Chicago Bulls star has a remarkable $3.5 billion net worth thanks to his six NBA championships and subsequent purchase of the Charlotte club.
According to ESPN, Jordan’s net worth increased significantly after he sold a controlling interest in the Hornets this month to hedge fund manager Gabriel Plotkin and private equity billionaire Rick Schnall for $3 billion.
When Michael Jordan, winner of five NBA MVP awards and breaker of ten NBA scoring records, bought the Bobcats of Charlotte in 2010 for $275 million, he made history as the league’s first black owner.
According to Bloomberg, the 60-year-old basketball legend-turned-businessman sold 65% of the team’s ownership and retained less than 5%.
Bloomberg reports that Jordan is worth millions of dollars thanks to the sale of the Hornets and a licensing agreement between his Jordan Brand and Nike.
How Did Jordan Amass His Billions?
Michael Jordan’s business endeavors propelled him into the billionaire’s club despite his legendary NBA career. Insider reports that Jordan became a billionaire in 2014 thanks to the appreciation in value of the NBA team he bought in 2010: the Charlotte Hornets. The total value of the squad has risen to $1 billion.
Agreement with Nike and Ongoing Royalties
James Worthy’s $150,000 annual deal with New Balance was the world’s most significant celebrity shoe endorsement contract before Michael Jordan. When Nike signed Michael Jordan as an endorser in 1984, they committed to paying him $500,000 year for five years. Jordan’s overall salary during five years was $7 million, including stock options from Nike.
Michael had never worn a pair of Nike shoes before signing the contract and had hoped to sign with Adidas instead, but Nike’s offer was too good to pass up and Adidas couldn’t compete with it.
When he first presented them, the shoes went against NBA regulations on uniformity. Nike settled all fines levied by the league and leveraged the ensuing controversy to boost sales. Over a million pairs of the Air Jordan sneaker were purchased shortly after its initial retail release in March 1985.
Nike made $100 million in its first year thanks to the success of the Air Jordan brand. Nike now makes almost $2.5 billion a year off the Air Jordan brand, and the shoes account for 58% of all basketball shoe sales.
In 1992, Michael made 25 cents from selling every pair of Jordans. He now makes $4 today for every pair of shoes he sells.
Michael received $480 million from Nike in shoe royalties between 2002 and 2012.
Michael Jordan now receives an annual royalty cheque from Nike between $80 and $100 million. However, his royalty check has reached $100β120 million in recent years.
How Michael Jordan Made $1.4 Billion in Endorsements?
Michael Jordan has been a corporate brand spokesperson for various companies during his career and even today. These companies include Nike, Gatorade, Wheaties, McDonald’s, Coca-Cola, Chevrolet, Ball Park Franks, Rayovac, Hanes, and MCI. Besides Upper Deck and 2K Sports, Jordan has endorsement arrangements with Five Star Fragrances and Upper Deck. He is the proud proprietor of not one but seven eateries.
After signing with Nike, one of Michael Jordan’s most crucial early endorsement deals was with Gatorade. Michael inked a 10-year, $18 million endorsement deal with Gatorade at the close of the 1989 season. After the first of the Bulls’ six championships, Gatorade released the now-iconic “Be Like Mike” commercial. The Michael JordanβGatorade endorsement did wonders for the profile of both Michael and Gatorade.
According to documents filed in a 2015 lawsuit against a supermarket chain that allegedly utilized Michael’s image without authorization, the superstar will only get into business partnerships if he stands to benefit at least $10 million. We also learned that Michael once declined a $80 million offer to promote a set of headphones because he disliked the product.
Michael Jordan has made $1.4 billion through endorsement deals (before taxes) throughout his career.
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Michael Jordan’s Luxury Estates
Michael’s current main home is the luxurious estate in Jupiter, Florida. The 11-bedroom, 26-room mansion is on three acres of land in Bear’s Club, an exclusive neighborhood designed by Jack Nicklaus. He spent two years and $7.6 million building the house of his dreams after purchasing the land in 2011.
Michael purchased a mansion on a lake in Charlotte, North Carolina, for $2.8 million in March of 2013. Six bedrooms and eight bathrooms are spread across 12,310 square feet inside Michael Jordan’s lake property near Charlotte. It has a waterfront location and a nearly 50,000-square-foot lot. Some bathrooms have jacuzzi tubs and marble and hardwood floors throughout the rest of the house. Floor-to-ceiling windows allow for breathtaking vistas of the adjacent lake from nearly every room in the house. A pool and pier is leading out to a lakeside pavilion in the backyard.
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