While Tiger Woods and LeBron James are right on his tail, Forbes still ranks Michael Jordan as the wealthiest former athlete in the world. And unlike James and Woods, much of the money that the former Chicago Bulls star has earned came after his playing career was over.
Many know that Jordan’s primary way of amassing a fortune was through his relationship with Nike. His Air Jordan line of sneakers are just as popular and iconic today as they were when they first came out. He also has a wide line of branded apparel with Nike.
But Jordan’s business empire goes far beyond sneakers. The diversified portfolio includes a racing team, a car dealership, a golf course and more.
It is now estimated that Jordan’s net worth has hit $3 billion.
Jordan And Nike Is The Best Endorsement Pairing Ever
The player and brand have worked together since 1984
In Jordan’s first season, Nike took a chance on the former University of North Carolina star, offering his own signature shoe line. The shooting guard took the offer and Air Jordans have been produced every season.
The first deal Jordan signed with Nike was for $2.5 million over five years. That number would obviously go up as Air Jordan became more and more popular. In 1997, the player and Nike teamed up to create an existing Jordan Brand within the shoe company.
The Jordan brand goes well beyond basketball shoes, producing apparel and shoes for other sports like football, baseball and golf. It has been reported that Jordan receives 5% on sales of all Jordan Brand items and that is a tremendous sum. In 2022, the brand raked in $5.1 billion, paying around $256 million in that year alone.
The partnership certainly worked out for Nike. The runaway success of the Jordan I helped make Nike the biggest company in the sneaker world. As for Jordan, he has pulled in an estimated $1.5 billion from his association with the company.
The partnership between Jordan and Nike runs so deep, that Ben Affleck and Matt Damon decided to make a movie about it. Air debuted in 2023 and was very well received by critics, with a 93% fresh score on Rotten Tomatoes and two Golden Globe nominations.
Jordan Has Also Invested Heavily In Other Sports
He was the Charlotte Hornets owner for several years and also has a NASCAR team
Jordan decided to reinvest the money he was making from endorsements into owning a professional basketball team. The former player, who grew up in Wilmington, North Carolina, bought a minority share in the Charlotte Bobcats (later the Hornets) in 2006. In 2010, Jordan was able to purchase a majority stake in the Hornets for $275 Million. He became both the first former player to own a team, as well as the league’s first African American owner.
The Hornets were not successful during Jordan’s tenure, only making 3 playoff appearances and finishing 423-600 in that time frame. The value of an NBA franchise rose dramatically, though, during the 13 years Jordan owned the team. In 2023, he sold the team to a new group of owners for a valuation of $3 billion.
Jordan is involved in other sports as well. In 2020, he teamed with former driver Denny Hamlin to field a NASCAR racing team called 23XI Racing. The team features Bubba Wallace, NASCAR’s only African American driver, Trevor Reddick and a yet-to-named driver. The team has five wins and two poles in its 109 race history.
The basketball legend is famously an avid golfer and in 2019, he opened the Grove XXIII luxury golf course in Hobe Sound, Florida. Fans of the basketball player shouldn’t plan on playing on the course, however, as it is private and limited to a star-studded membership list. For Jordan, the course is more about having somewhere great to play rather than turning a huge profit.
Jordan Owns Pieces Of Several Other Businesses As Well
His portfolio includes restaurants and a car dealership
The Jordan name and brand is incredibly powerful, and it has been used in other businesses as well. He opened Michael Jordan’s Steakhouse in New York’s Grand Central Station, but that location closed in December 2018. Other locations do still exist in Uncasville, Connecticut, Chicago, Illinois and Ridgefield, Washington.
The former basketball player also owns a stake in a Nissan dealership in Durham, North Carolina. Durham is where Duke University is located with Chapel Hill, where Jordan attended the University of North Carolina.
The dealership is very successful, no surprise considering Jordan’s popularity in the area.
Jordan is also a co-owner of Cincoro Tequila, along with the owners of the Los Angeles Lakers, Milwaukee Bucks and Boston Celtics. The tequila is high quality and sells for a premium, with bottles ranging from $80 to $200.
Now almost worth twice as much thanks to his sale of the Charlotte Hornets, Jordan can just sit back and enjoy the revenues from all his businesses. Considering his legendary competitive streak, however, it wouldn’t be a surprise to see him take on a new challenge.