Legendary basketball player Michael Jordan agreed to sell his majority stake in the Charlotte Hornets to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, according to a release by the NBA last week.1 Jordan is selling his majority stake in the Hornets at an estimated $3 billion valuation, ESPN reported.2
As part of the deal, Jordan will still have a minority stake in the team. It’s unclear what Jordan’s total earnings will be from the deal, once finalized. With Jordan selling his majority stake, there will now be zero Black majority owners in the NBA, according to Axios.3
A 14-time All-Star and NBA Hall of Famer, Jordan is widely regarded as the best basketball player in the NBA’s history. He has also been among the list of the richest athletes in the world. In 2017, 14 years after his retirement from the NBA, Jordan was the highest-paid athlete of all time, according to Forbes. 4 Today, Jordan has a net worth of $2 billion, earning $1.8 billion from corporate partnerships with Nike, Hanes and Gatorade, according to Forbes. 5
Jordan’s net worth is made up of his NBA salary; lucrative partnership deals with companies such as Nike, Gatorade, and Hanes; and royalties from his Jordan Brand.
In his fifteen seasons with the NBA, Jordan won six championships with the Chicago Bulls, and was named Finals MVP each time.6 Jordan also played for the Washington Wizards for his final two years with the NBA, before retiring in 2003.
Jordan’s total career earnings with the NBA total $90 million, according to Forbes. 5
The NBA legend’s investment of $175 million to $275 million in the Hornets in 2010 helped make him a billionaire, Axios reported.4 In 2019, Jordan sold a minority stake in the team in a deal worth $1.5 billion, according to Forbes.5
Forbes. “Michael Jordan.”
Nike and Jordan Brand
The decades-long partnership between Nike and Jordan is one of the biggest deals in sports, and has earned Jordan over $1 billion.
Nike’s Jordan Brand, which encompasses the legendary basketball player’s signature shoe brand, Air Jordans, brought in $5.1 billion in 2022, of which Jordan gets a reported 5%, according to Front Office Sports.7
As of 2020, Jordan has earned an estimated $1.3 billion from Nike since he first signed a deal with the company in 1984, according to Forbes.8 Jordan’s initial deal with Nike was worth $500,000, per Forbes.9
Jordan’s mother, Deloris Jordan, helped the basketball player negotiate a deal with Nike that resulted in his signature Air Jordan brand, according to People.10 The April 2023 film, Air, follows the story of how the deal between Nike and Jordan came to be, and stars Matt Damon, Ben Affleck, and Viola Davis, who plays Jordan’s mother.11
While his partnership with Nike and former majority stake in the Hornets were some of his most lucrative investments, Jordan has a series of other ventures too—he is a co-owner of NASCAR team, 23XI, has a stake in sports betting company DraftKings, owns a tequila brand, and even owns several restaurants, among other ventures.
Jordan is an advisor and investor in sports betting company DraftKings.12 Jordan has a stake in the company, which he got in exchange for becoming a special advisor to DraftKings. As of June 2023, DraftKings has a market capitalization of about $11.8 billion.
Jordan is also a co-owner of the tequila brand Cincoro, which he created along with four other NBA owners.13 As of 2022, the luxury tequila brand has sold 1.5 million bottles nationally and has won 23 awards in spirit competitions according to CNBC.14 The brand has bottles ranging from $300 to over $4,500 for a limited edition bottle.15
Jordan co-owns the NASCAR team, 23XI, along with NASCAR driver, Denny Hamlin.16 The team is reportedly valued at $150 million, according to FirstSportz.17
Michael Jordan’s Steak House
Jordan also has his own restaurant, Michael Jordan’s Steak House, which has locations in Illinois, Connecticut, and Washington.18