Michael Jordan is a retired basketball player, team owner, product endorser, and entrepreneur from the United States. Michael Jordan’s net worth is $2.2 billion as of 2020.
Michael earned a total of $93.7 million in salary during his NBA career. He was the first athlete in history to be paid more than $30 million a year. During the 1996-1997 season, he earned $30.14 million in basic salary. After adjusted for inflation, he made $33.14 million the next season, which is equivalent to $53.4 million today.
Even though he has not played professional basketball in nearly two decades, Michael now earns $100 million per year from endorsements and other business activities. He has made more in a single year than he did in 16 NBA seasons. Nike/Jordan brand royalties net Michael at least $60 million each year.
Michael became a billionaire as a result of his share in the Charlotte Hornets.
Jordan guided the Chicago Bulls to six NBA titles. He has won the league MVP award five times. On September 11th, 2009, he was inducted into the Hall of Fame for having the highest career scoring average of all time.
Michael Jordan was added to Celebrity Net Worth in September 2009, with a net worth of $500 million. Six years later, in 2014, he became a billionaire for the first time. In early 2020, he crossed the $2 billion mark.
Michael Jeffrey Jordan was born in Brooklyn, New York on February 17, 1963. His mother, Deloris, was a financial professional, and his father, James R. Jordan Sr., was an equipment supervisor. Michael’s family relocated to Wilmington, North Carolina, when he was a toddler.
Michael attended Emsley A. Laney High School in Wilmington, where he participated in basketball, baseball, and football. As a sophomore, he tried out for the varsity basketball team but was turned down because he was “only” 5 feet 11 inches tall. Enraged by the rejection, MJ dedicated himself to excelling on the Junior Varsity team. During the summer between his sophomore and junior years, he grew four inches and won a seat on the varsity team.
Michael proved to be a great asset for the varsity team averaging 25 points per game in his junior and senior years. He was chosen to the 1981 McDonald’s All-American Game, where he scored 30 points.
Not surprisingly, Michael is now 6 feet 6 inches tall. He was pursued by a slew of collegiate programmes, including Syracuse, UVA, Duke, and the University of North Carolina. He eventually decided to attend UNC.
He averaged 13.5 points per game at UNC and was awarded ACC Freshman of the Year, helping the team win the 1982 NCAA Championship against the Georgetown Hoyas.
With 15 seconds remaining in the game, Michael scored a game-winning shot against Georgetown Center Patrick Ewing. Michael later admitted that this game, and specifically the shot, marked a watershed moment in his personal confidence and future basketball career.
Michael played three seasons for the UNC Tar Heels, garnering numerous trophies, including the Naismith and Wooden College Player of the Year in 1984. Michael returned to UNC in 1986 to complete his degree, and he finished with a Bachelor’s degree in geography.
The Chicago Bulls selected Michael with the third overall pick. Surprisingly, he was not the first choice. He was picked after Sam Bowie and Hakeem Olajuwon.
On September 12, 1984, Michael signed his rookie contract with the Bulls. The contract was a seven-year, $6 million pact with an annual salary of roughly $850,000. The Bulls barely sold out six games the year before Michael joined the club. However, his inclusion more than doubled the attendance.
Michael and Chicago agreed to an eight-year, $25 million contract extension at the end of his sixth season. It was the biggest deal in NBA history at the time. As a result, Michael’s compensation increased to roughly $5 million each year.
When Michael’s contract expired in 1996, he negotiated a one-year $30 million agreement. The next year, he agreed to a one-year contract worth $33.14 million. After adjusting for inflation, the latter is worth roughly $55 million today.
Michael retired and returned to the NBA on two occasions. He briefly retired to play minor league baseball. When he returned to the NBA for the second time, he spent two seasons with the Washington Wizards.
Prior to Michael Jordan, James Worthy’s $150,000 annual deal with New Balance was the world’s highest celebrity shoe endorsement contract. Jordan broke all sponsorship records in 1984 when Nike agreed to pay him $500,000 per year for five years. Jordan also got Nike stock options, bringing his total pay to $7 million over the course of five years.
The Air Jordan shoe debuted in stores in March 1985 and sold over a million pairs within two months. Nike made $100 million in income from Air Jordan in its first year.
Air Jordans now account for 58 percent of all basketball shoe sales, and the brand generates more than $2.5 billion in annual sales for Nike.
Michael received 25 cents for every Jordan shoe sold in 1992. He now earns $4 for each shoe sold.
Nike paid Michael $480 million in shoe royalties between 2002 and 2012.
Today, Michael Jordan’s annual Nike royalty check is between $80 and $100 million. However, over the course of several years, his royalty check has reached $100 – $120 million.
Michael Jordan has been a spokesperson for several major products including Nike, Gatorade, Wheaties, McDonald’s, Coca-Cola, Chevrolet, Ball Park Franks, Rayovac, Hanes, and MCI. Jordan also has endorsement agreements with Upper Deck, 2K Sports, and Five Star Fragrances. He is also the owner of a vehicle dealership.
During his career to date, he has earned $1.4 billion in pre-tax endorsement dollars. He earned around $93 million from NBA salary. He lost $170 million in a divorce settlement with his first wife.
Michael’s best career investment has been his ownership stake in the Charlotte Hornets. He bought a majority stake in the team in 2010 for $175 million. In 2019, he sold a minority portion of his stake to an investment group in a transaction that valued the team at $1.5 billion.
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