In the business world, basketball legend Michael Jordan continued to bolster his hall of fame credentials.
On Monday, Forbes announced that the six-time NBA champion, who recently sold his majority stake in the Charlotte Hornets and has a lucrative licensing agreement with Nike, became the first athlete to appear on its list of the 400 wealthiest people in America.
By accumulating an enormous $3 billion in wealth, the Chicago Bulls GOAT has elevated Air Jordan to a status designated for business magnates such as Elon Musk, Jeff Bezos, Warren Buffett, and Ken Griffin.
The precise position that Jordan, 60, will occupy when the list is revised in the coming months is unknown.
At position 359 on the Forbes 400 from the previous year were ten people with a $3 billion net worth. Todd Christopher, a haircare magnate, John Paulson, a hedge fund manager, and Barbara Tyson, the heiress of the Tyson Foods dynasty, are among them.
Forbes states that it considers a wide variety of assets when compiling the list, including real estate, art, yachts, aircraft, ranches, vineyards, jewelry, car collections, and stakes in public and private corporations.Also considered are debt and charitable contributions.Jordan’s family office, Jump Management, did not provide a prompt response to The Post’s inquiry for comment from its representatives.Jordan, who amassed 10 NBA scoring titles and five Most Valuable Player awards, became the first black proprietor of the NBA when he acquired Charlotte for $275 million in 2010. At that time, the team was known as the Bobcats.This summer, he sold his stake for an astounding $3 billion, which is the second-highest sale price in the history of the league and significantly higher than the $1.7 billion estimate by Forbes.In addition to the sale of the Hornets, Jordan has amassed billions of dollars through his apparel licensing agreement with Nike for Jordan Brand. Under this agreement, His Airness receives $500,000 annually in addition to a 5% royalty on all Jordan Brand revenues.Nike disclosed in 2022 that its collaboration with Jordan, which commenced during his debut year in 1984, yielded a remarkable $5.1 billion in revenue, accounting for 11% of the company’s overall sales.
Additionally, Jordan is not unfamiliar with lucrative endorsements; in 1991, he established a ten-year partnership with Gatorade that earned him an estimated $1.4 million per year.Additionally, he has partnerships with Hanes, Chevrolet, McDonald’s, Ball Park Franks, Wheaties (where his visage appeared an unprecedented 19 times on the Wheaties box), battery manufacturer Rayovac, and sports trading card brand Upper Deck.Jordan’s additional investments include ownership of Nascar’s 23XI Racing, which he established in 2020 with an all-star cast that included the circuit’s sole black driver, Bubba Wallace.Additionally, in the same year, he was awarded an undisclosed equity stake in DraftKings in recognition of his “strategic and guidance-providing” services to the sports wagering company.The precise remuneration Jordan obtained in the past or present from these partnerships and endorsements is unknown; however, they are collectively credited with establishing him as the first NBA player to reach the billionaire mark in 2014, at the age of 51.Furthermore, Jordan’s salary during his career with the Chicago Bulls and Washington Wizards, which lasted until his retirement at age 40 in 2003, was truly astounding.According to Forbes, Jordan is unique in both his athletic prowess and financial standing, as only seven other professional athletes have ever attained billionaire status.Forbes reported that subsequent to Jordan, who entered the billionaires club following his retirement in 2014, LeBron James and Tiger Woods did the same in 2022, while their respective careers remain active.In addition to boxing icon Floyd Mayweather and soccer superstars Lionel Messi and Cristiano Ronaldo, other 10-figure earners include tennis legend Roger Federer.
Prior to Forbes’ most recent estimation of Jordan’s net worth, the news website reported that he had a $2 billion fortune and ranked 1,495th among the wealthiest individuals.Jordan amassed an expansive real estate portfolio prior to the figure’s significant increase to $3 billion. It comprises a nine-bedroom, nineteenth-bathroom residence situated in Highland Park, a Chicago suburb, two estates in North Carolina, where he spent his formative years and attended the University of North Carolina, and another estate in Ski City, Utah.Reportedly, his primary domicile is a mansion situated in an exceedingly selective gated community in Jupiter, Florida. He acquired the property in 2012 for a modest $4.8 million and subsequently undertook a multimillion-dollar renovation. The mansion is accessible via a gate bearing his renowned number 23 and showcases a regulation-size basketball court adorned with the “Jumpman” Nike logo.A stylish Gulfstream G-IV private jet custom-wrapped in a grey-and-white pattern that gives homage to his Air Jordan line of Nike shoes transports Jordan to each of his properties.Customization and purchase of the 88-foot-long aircraft, which can accommodate up to thirteen passengers and two crew members, reportedly costs around $62 million.