Michael Jordan net worth: Michael Jordan is a former American basketball player and entreprenuer who has a net worth of $1 billion. Even though Michael has not played professionally in over a decade, he still earns an estimated $80-100 million per year from endorsements and various other business ventures. Michael earns $60 million every year from Nike/Jordan brand royalties alone. During his playing days, Jordan set sport records by being the first athlete to earn over $30 million per year in salary which happened from 1996 – 1998 while he was playing for the Chicago Bulls. He also starred in the 1996 movie Space Jam and is the majority owner of the Charlotte Bobcats NBA franchise. Jordan led the Chicago Bulls to 6 NBA championship titles. He is a five-time league MVP, he holds the record for highest career scoring average of all time and was inducted into the Hall of Fame on September 11th 2009. Throughout his impressive career and even through to the present, Michael Jordan has been a spokesman for many corporate brands including Nike, Gatorade, Wheaties, McDonald’s, Coca-Cola, Chevrolet, Ball Park Franks, Rayovac, Hanes, and MCI.
Before Michael Jordan, the largest celebrity shoe endorsement contract in the world was James Worthy’s $150,000 annual deal with New Balance. In 1984, Jordan shattered all endorsement records when Nike agreed to pay him $500,000 per year for five years. Jordan also received Nike stock options which brought his total compensation to $7 million over five years. Prior to signing the deal, Michael had never worn a pair of Nike shoes in his life and had been hoping to sign with Adidas, but Nike’s offer was too rich to match. When he debuted the shoes, they violated the NBA’s uniformity restrictions. Nike paid all the league’s fines and used the controversy to build excitement around the brand. The Air Jordan shoe first appeared in stores in March 1985 and two months later had sold over a million pairs. Within the first year, Air Jordan generated $100 million in revenues for Nike. Today, 58% of all basketball shoe sales are Air Jordans and the brand generates over $2.5 billion in annual sales for Nike.
When Michael divorced his wife of 13 years Juanita Jordan in 2002, he was forced to pay her a whopping $168 million divorce settlement. It was one of the most expensive divorces in history and included the couple’s $29 million, seven acre suburban Chicago mansion.
Michael Jordan Becomes A Billionaire
In June 2014, it was reported that Michael had increased his ownership stake in the Bobcats from 80% to 89.5%. He bought his original stake from BET founder Robert Johnson for $175 million. Based on the most recent valuation estimates, the Bobcats are worth $600 million. The Bobcats also carry roughly $135 million worth of debt, which means Jordan’s stake in the team is worth $416 million. When you combine this with Michael’s additional $600 million wealth, his total net worth is a shade over $1 billion.