Basketball icon Michael Jordan may have ended his NBA career in 2023 at age 40, but his wealth continues to soar skyward as he hits age 60.
That’s the takeaway from a new accounting of Jordan’s net assets.
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Currently, the NBA legend’s net worth stands at $3.5 billion, thanks primarily to his longstanding licensing deal with Nike and the recent sale of his majority stake in the NBA’s Charlotte Hornets, according to the Bloomberg Billionaire Index.
Jordan sold his stake in the Hornets in June, 2023. He originally purchased the team (then known as the Bobcats) in 2010 for $180 million. The analytical firm Sportico recently valued the franchise at $1.77 billion in December, 2022. Under the terms of the deal, Jordan kept a reported 5% minority ownership stake in the NBA franchise.
Jordan also still benefits from his Nike sponsorship, among numerous other endorsement deals. On average, he reportedly earns about $255 million every year from the Nike deal, which dates back to 1984 when Jordan’s career arc started ascending with the Chicago Bulls.
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That deal, which paid Jordan $2.5 million when he first signed on with Nike, stipulated the NBA legend be paid a 5% royalty on all Air Jordan sales. Given the apparel line earned Nike $5.1 billion in 2022 and has generated higher sales every year, since the deal was inked, that’s a massive wealth-generating deal for the richest player in NBA history.
That deal almost never happened, as Jordan had set his sights on other basketball shoe brands.
“In all honesty, I never wore Nike shoes until I signed with Nike,” Jordan said in an interview. “I was a big Adidas, Converse guy coming out of college.”
Lucky for Jordan and Nike, both parties got together on a deal and set MJ on a path to where he is today — $3.5 billion wealthier.
