Michael Jordan‘s net worth has risen to about $3.5 billion following the sale of his ownership in the Charlotte Hornets, making him the richest basketball player of all time, according to the Bloomberg Billionaires Index, which is assessing his fortune for the first time.
The NBA legend’s immense fortune stems from the sale of his controlling ownership in the Hornets for $3 billion to a consortium led by Gabe Plotkin and Rick Schnall. Jordan, on the other hand, is preparing to become a minority owner. Bloomberg now values his stake at 5%.
Jordan praised the Hornets faithful in a letter for their unflinching support during his stay.
Michael Jordan’s net worth has risen to about $3.5 billion following the sale of his Charlotte Hornets interest, making him the richest basketball player of all time, according to the Bloomberg Billionaires Index, which is assessing his fortune for the first time.
The NBA legend’s big fortune comes after he sold his controlling ownership in the Hornets for $3 billion to a partnership led by Gabe Plotkin and Rick Schnall. Jordan, on the other hand, is transitioning to become a minority owner. Bloomberg currently estimates his investment to be 5%.
Jordan thanked Hornets fans in a letter for their continuous support during his stay.
He was the first athlete to become a billionaire, and his vast fortune was partly impacted by his contract with Nike, which gave birth to Air Jordan.
According to Forbes, Nike initially offered Jordan a five-year contract with a basic salary of $500,000 per year, which was treble the average NBA sneaker contract. The initial Air Jordan sneaker was an instant success, selling $126 million in the first year.
As the Jordan brand grew in popularity, so did his salary. Jordan reportedly received $130 million from Nike in 2020, which Forbes thinks was four times more than LeBron James earned.
Forbes stated that the Jordan brand had $3.1 billion in revenue in the fiscal year ended May 2019. According to Forbes, the brand is “worth north of $10 billion, in addition to the billions of dollars in profits it has generated over the last 35 years, and its halo effect on sales of other Nike-branded products.”
Jordan’s 36-year collaboration with Nike earned him $1.3 billion, and Forbes estimated his net worth to be $1.7 billion in 2022.