Michael Jordan Net Worth
Michael Jordan Net Worth: $650,000,000
Related Net Worths: Kobe Bryant, LeBron James, Magic Johnson, Dwyane Wade, Derrick Rose, Kevin Durant, Scottie Pippen, Larry Bird, Shaquille O’Neal, Charles Barkley, Dwight Howard, Carmelo Anthony, Allen Iverson, Kevin Garnett, Dennis Rodman, Wilt Chamberlain, Phil Jackson, Jay-Z
Sources: Chicago Bulls, Washington Wizards, Charlotte Bobcats, Nike, Jordan Brand, Michael Jordan Motorsports, Warner Brothers Entertainment, Coca-Cola, Chevrolet, Gatorade, McDonald’s, Ball Park Franks, Rayovac, Wheaties, Hanes, MCI, Upper Deck
Michael Jordan is a former NBA shooting guard and current entrepreneur and owner of the Charlotte Bobcats. Perhaps the best-known basketball player of all time, MJ has racked up dozens of awards throughout his career, including six NBA Championships and five regular season MVP awards. He is now involved in several business ventures and endorsement deals, which place his net worth at $650 million.
Since retiring from the NBA, Jordan has actually earned a higher annual income than he did as a player. His highest salary earnings were in 1998, when he made $33.14 million in his final year with the Chicago Bulls. Contrast that to 2012, when he brought in an estimated $80 million, and it’s clear that Jordan has profited from his NBA retirement. In fact, his entire career salary earnings only come out to a total of $93.7 million, which is only fractionally larger than what he now makes annually. Here’s a look at what has made MJ one of the richest athletes in the world.
Jordan made his NBA debut with the Chicago Bulls in 1984, and stayed with the team until his second “retirement” in 1998. Despite Jordan’s high scoring record in his first few years in the league, he wouldn’t win his first MVP award until 1988. He won his second MVP award in 1991, when the Bulls won their first league championship. The following seasons would see another two championships for the Bulls. Jordan was also named league MVP again in 1992, but lost the award to Charles Barkley in 1993.
After the 1993 finals, Jordan officially announced his NBA retirement. But after a brief minor league baseball career, Jordan made the decision to come back to basketball in 1995. In the three following years, the Bulls would complete their second “three-peat,” winning the championship in 1996, 1997, and 1998. After the 1996 championship, Jordan’s salary shot up from $3.85 million to $30.14 million.
After the 1998 finals, Jordan once again announced his retirement, saying he was “99.9% sure” he would never play another NBA game. But this time, instead of retreating from basketball, he stayed with the NBA, becoming part owner and President of Basketball Operations for the Washington Wizards in 2000.
One year later, Jordan made his third and final comeback as a player. He hit the court with the Washington Wizards in 2001, and played two seasons with the team, before retiring for good in 2003. Despite selling out every home game from 2001-2003, the Wizards never managed to make it to the playoffs with Jordan. Jordan also earned only $2.03 million in his last two years with the Wizards, compared to the $60 million he made in his last two seasons with the Bulls.
After retiring as a player, Jordan was fired as Washington’s President of Basketball Operations in 2003. He stayed away from the NBA for a few years after this, deciding instead to pursue other business ventures like Michael Jordan Motorsports, a professional closed-course motorcycle road racing team that he started in 2004.
In 2006, Jordan returned to the NBA once again when he bought a minority share in the Charlotte Bobcats, becoming Managing Member of Basketball Operations for the team. In 2010, Jordan bought an 80 percent share of the Bobcats and became the team’s owner. That year, the team made their first playoff appearance, but were defeated y the Orlando Magic. As of July 28, 2013, the team has officially been renamed the Charlotte Hornets, and will return with a re-vamped brand for the 2014-15 NBA season.
Endorsement Deals and Jordan Brand
Jordan’s continuing endorsement deals have helped him to outstrip LeBron James as the world’s most marketed basketball player. His endorsements over the years have included deals with Nike, Coca-Cola, Chevrolet, Gatorade, McDonald’s, Ball Park Franks, Rayovac, Wheaties, Hanes, MCI, and Upper Deck.
Nike and the Jordan Brand
Jordan’s most successful endorsement venture has been with Nike. The partnership started in 1984, when Jordan wore his first pair of “Air Jordans” on the court. His first contract with Nike was a five-year, $500,000 deal (not including royalties).
Nike has distributed Air Jordan shoes to the public since 1985, and the Jordan Brand now operates as a subsidiary of Nike. In 2012, the brand dominated 58% of the U.S. basketball shoe market, beating out Nike itself, and was valued at $60 million.
In addition to MJ’s endorsement, Air Jordan now sponsors 19 active NBA players, including Chris Paul, Ray Allen, and Carmelo Anthony.
Other Business Ventures
In addition to his continuing endorsement deals, Jordan also owns several other businesses including six restaurants and a North Carolina car dealership. All told, his business and endorsement earnings make him one of the highest paid basketball players today, despite the fact that he hasn’t played an NBA game in over ten years.
Article by Andre Williams. Connect with him on Google+