Michael Jordan dominated the NBA hardwood for several years with his prowess and incredible performances. The ‘Air Jordan’ has arguably been one of the greatest basketball players ever, with his insurmountable success as the Chicago Bulls’ #23. Jordan has inspired many current-generation greats, including Kobe Bryant and LeBron James.
Since his draft into the league in 1984, Jordan has risen above the ranks to his current status as an All-Time great. Besides his incredible offensive prowess in basketball, Jordan was a credible marketing figure for the NBA. Jordan’s fame and glory from the hardwood earned him several endorsement deals, including his historic collaboration with Nike, which runs to this day.
In this article, learn more about Jordan’s net worth, career earnings, endorsements, and more niche details about the Bulls star’s personal belongings and riches.
Michael Jordan’s net worth in 2023
Michael Jordan, a renowned figure in the world of sports, presently possesses a net worth of $1.7 billion, solidifying his status as the wealthiest former professional athlete globally.
This substantial amount encompasses his earnings from endorsements and ownership stake in the Charlotte Hornets franchise. Notably, his income from endorsements surpasses his earnings during his tenure in the NBA. Additionally, Jordan demonstrates acumen as an investor, actively seeking opportunities to invest in novel ventures.
Career earnings from NBA contracts
As per Sportrac, Michael Jordan earned $93.9 million from his NBA contracts, which spanned his time with the Chicago Bulls from 1984 to 1998 and with the Washington Wizards from 2001 to 2003.
Interestingly, most of Jordan’s NBA career earnings came in during his final two seasons with the Bulls. Jordan earned $30.1 million in 1996-97 and $33.1 million during the 1997-98 season. Jordan’s annual earnings during his last two seasons with the Bulls were the highest salaries recorded by any NBA player up until around 2018. Of the $93.9 million Jordan has earned from his NBA contracts, $63.2 million came in during his last two years with the Bulls.
Endorsement earnings
The predominant source of Michael Jordan’s existing wealth stems from endorsement agreements. Over a span of more than forty years, he has amassed a substantial sum of $1.7 billion (before taxes) through off-court collaborations with prominent brands including Nike, Coca-Cola, McDonald’s, Wheaties, and Chevrolet, among others. He maintains ongoing affiliations with brands such as Nike, Hanes, Gatorade, and Upper Deck.
Jordan’s earnings from Nike
Nike has consistently served as Michael Jordan’s primary income source. His initial five-year contract with Nike, inked in 1984, amounted to $500,000 annually (equivalent to approximately $1.2 million in today’s currency), in addition to royalty earnings. In the past year (accounted for within the aforementioned total), he garnered $130 million, as estimated by Forbes. This figure is four times the earnings of LeBron James, who possesses the second-largest shoe deal in the NBA.
In September, Nike unveiled the Air Jordan XXXIV basketball shoe, which finds usage on the court by current NBA players like Zion Williamson, Jayson Tatum, and Rui Hachimura. Noteworthy is Nike’s dominance in the U.S. basketball performance shoe market, including the Jordan Brand, with an 86% share in 2019, as reported by the market research firm NPD. Furthermore, Nike commands a 96% share within the broader lifestyle basketball category.
Jordan’s earnings from the Charlotte Hornets
In 2010, Michael Jordan assumed majority ownership of the team in a transaction valued at $175 million, primarily financed through debt. Over time, he incrementally increased his ownership share to 90%. His timing for this investment proved advantageous, coinciding with a surge in team valuations triggered by three pivotal events.
These included implementing a new collective bargaining agreement in 2011, which reduced players’ revenue share from 57% to 50%. The “Ballmer bump” followed when former Microsoft CEO Steve Ballmer acquired the LA Clippers for $2 billion in 2014, surpassing the previous NBA price record by over threefold. Additionally, a fresh NBA TV deal with ESPN and TNT substantially augmented the value of the prior agreement.
In September 2020, Jordan divested a portion of his ownership, selling 20% of the team to a New York-based hedge fund at a valuation of $1.5 billion. Finally, in 2023, Jordan agreed to sell the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. ESPN’s Adrian Wojnarowski notes that the sale was finalized for an estimated valuation of $3 billion.
Michael Jordan’s notable investments
Michael Jordan’s keen investment acumen is evident through his personal involvement in funding rounds for various ventures. Notably, he has participated as an individual investor in funding rounds for Sportradar, a sports data provider headquartered in Switzerland. Additionally, he extended his investment to include the headphone brand Muzik and Gigster, a San Francisco-based platform connecting freelance tech talent. Jordan also became associated with aXiomatic, an investment he shares with NBA Hall of Famer Magic Johnson since 2018. aXiomatic is the parent company of Team Liquid, an esports team recently appraised at $320 million.
In collaboration with fellow NBA owners Jeanie Buss of the LA Lakers, Wes Edens of the Milwaukee Bucks, and Wyc Grousbeck of the Boston Celtics, Jordan embarked on a venture to introduce a super-premium tequila brand named Cincoro in the previous year. Among the offerings, the most luxurious bottle in the range, labeled Extra Añejo, commands a retail price of $1,600.
Other sources of income
Michael Jordan recognizes the significance of diversifying his income streams. Beyond his prominent involvement with the Hornets and the Jordan Brand, Jordan became part of an investor consortium that acquired MLB’s Miami Marlins for $1.2 billion in 2017. Notably, his close associate Derek Jeter, a long-standing friend of Jordan, serves as the CEO of the club and possesses a 4% ownership stake. In comparison, Jordan himself holds a 1% ownership interest.
