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Topics: News, Celebrity, Michael Jordan, Money, Sport
Charisa Bossinakis
Topics: News, Celebrity, Michael Jordan, Money, Sport
Michael Jordan has become the first professional athlete to be included on the Forbes 400 list.
The former basketball player’s net worth has skyrocketed to $3 billion (AUD $4.76b) after he sold his majority share of the Charlotte Hornets.
The 60-year-old bought the team for $275 million (AUD $436m) in 2010.
Since selling his 65 per cent share, the former Chicago Bulls captain has entered the prestigious Forbes 400 list, which includes the wealthiest people in America.
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Jordan is placed at number 379, whom he shares with other billionaires, including Haim Saban, media proprietor and founder of Saban Entertainment, the producer and distributor of children's television programs such as Power Rangers.
According to the Daily Mail, after signing the Hornets away earlier this year, Jordan said: “Now is the right time for me to hand over the reins and focus on my family, my personal interests and some new challenges.
“I’m excited to see what the future holds, and I look forward to supporting the team and the community in my new role for many years to come.
“This is a Thank You, not a goodbye, because the state of North Carolina, the city of Charlotte and the Hornets will always have a special place in my heart.”
Bloomberg reported that Jordan kept less than five per cent of the NBA team.
Aside from selling his lucrative deal, most of Jordan’s wealth is primarily attributed to the deal he struck with Nike in 1984.
Following his rookie season, the star athlete signed a $2.5 million (AUD $3.97m) contract with the company, which went on to launch its now iconic Air Jordans and revolutionized the sneaker industry.
Former sports marketing executive Sonny Vaccaro revealed that Nike came up with the idea of building a shoe around the young basketball player, which prompted him to sign the lucrative five-year contract, as per The Guardian.
However, Jordan’s mother, Deloris, added a crucial clause that Jordan gets a share of the profit from every sneaker sold.
“We made a relationship over the phone right there,” he said, as per the outlet.
“She was an alpha human being.”
According to the Robb Report, last year, it was revealed the sneaks still raked in $5.1 billion (AUD $8.09b) in revenue, accounting for 11 per cent of Nike’s sales.
Exactly how much Jordan makes from these sales is unclear, but we can assume the figure is pretty decent.