They Just Don’t Stop Showing Him the Money – Perks of Being Michael Jordan
It has been decades since Michael Jordan retired from the NBA, but his saga is not ending anytime soon!
Often named among the most celebrated athletes on earth, he is an epitome of both success and sportsmanship. ESPN documented the basketball legend’s rise to fame in a mini-series called ‘The Last Dance.’
It covers many incidents from the star’s life, like his relationship with Scottie Pippen, Dennis Rodman, and Phil Jackson. The 10-part story also highlighted several defining instances in Jordan’s evolution as a businessperson, including the critical role played by Nike.
In 1984, the star had offers from both Nike and Adidas but decided to sign with the former. His agent David Falk, who had a good understanding with the company executives, was the driving force behind this decision.
‘Air Jordan’ was born during this time, and it was not long before the NBA banned the sneakers for violation of court rules. Nike was quick to make a catchy commercial out of the situation, and soon after that, their sneakers started selling like hotcakes!
The ‘Chicago Bulls’ legend’s agreement was probably one of the best deals ever made in the sporting world.
Nike’s 2019 revenue from the Jordan collection amounted to a breathtaking $3.1 billion.
He pocketed a cool $1.3 billion from this deal, with over 10% of it coming in 2019 alone. Mark Parker, the CEO of Nike, has gone on record to state that the brand is diversifying the flagship collection, and new products would soon be seen in the market.
Besides this, Jordan has many ongoing endorsement agreements with the likes of Gatorade, Hanes, and Upper Deck. His other ventures include restaurants and ‘Nissan’ car dealerships across America that bring in close to $15 million a year.
lev radin / Shutterstock: Michael Jordan attends semifinal match Marin Cilic of Croatia & Roger Federer of Switzerland, 2014
In 2010, he purchased the controlling stake of ‘Charlotte Hornets’ for over $180 million in cash. Within ten years, the team was worth over $1.5 billion, making it the 25th most valuable team in the NBA. This investment gave returns of 757%, which is almost five times better than what the stock market gave!
Jordan ended his career as a six-time NBA champion in 2003, leaving the game’s top spot open for the likes of LeBron James and Stephen Curry.
Since then, he ventured into many businesses, most of which have yielded high returns. It comes as no surprise that he continues to mint money after his retirement too!
More in Rich & Famous
-
`
The Epic Battle: Unveiling the Epic vs. Google Legal Showdown
In a déjà vu moment for tech enthusiasts, Fortnite publisher Epic Games is gearing up for a legal battle against Google,...
December 6, 2023 -
`
Why Getting Loans From Your Bank Is Tougher Than Ever
Banks are ‘purposefully’ making the process of loans difficult. And there are multifarious reasons. New regulations are continually being introduced to...
November 27, 2023 -
`
The EU Sets 40% Women Workplace Quota to Boost Gender Equality
If there is a lesson we have learned from the corporate world over the years, it is that diversity is not...
November 18, 2023 -
`
Everything You Need to Know About Legal Asylum
You know, there is a word out there that has been both a beacon of hope and a subject of heated...
November 11, 2023 -
`
How to Avoid Hefty Energy Bills? 6 Effective Tips
The dreaded energy bill is no secret today. Every month, it drops in, and every month we wince, wondering, “How did...
November 3, 2023 -
`
Steve Harvey’s Financial Fall: Divorce From Mary Lee Harvey
Steve Harvey, the comedian and television personality we have all come to know and love, has seen his fair share of...
October 29, 2023 -
`
How Extreme Weather Can Sabotage Tourism-Based Small Businesses
Ever dreamt of owning a cozy beachfront café in Bali or a serene cabin retreat in the snowy Alps? If so,...
October 19, 2023 -
`
Everything You Need to Know About Debt Relief
Debt relief is a broad term that refers to strategies, plans, or programs that can help you reduce or eliminate your...
October 13, 2023 -
`
Money Management Tips to Improve Your Finances
Effective money management is the cornerstone of financial stability and achieving your long-term financial goals. Regardless of your income level, mastering...
October 6, 2023
You must be logged in to post a comment Login