How Michael Jordan Became A Billionaire
Having Forbes estimate his net worth at a billion dollars means Michael Jordan transcended any level of success he already had as a six-time champion with the Chicago Bulls. The man owns his own NBA team now.
photo: WENN
So how did a guy who came into the league in 1984 only making $1 million each year grow his wealth so exponentially? The pathway to how Michael Jordan became a billionaire is paved with other people’s money. That’s not an insult. It’s the American way.
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Photo: WENN
photo: WENN
His Nike Deal
Conservative estimates have MJ bringing in $75 million in 2014 alone from his well-guarded deal with Nike. It’s not as if Jordans are lacking in popularity these days. Add in the fact that Nike has been giving Jordan an undisclosed amount of royalties from day one of a deal that was probably renegotiated a few times, and it’s easy to see the money accumulating.
photo: WENN
The 2011 NBA Bargaining Agreement
His fellow 29 NBA owners gave Jordan and other owners of small-market teams a huge gift by locking out the players in 2011. The lockout broke the union, and allowed for revenue sharing and a larger percentage of basketball related income to go to owners.
photo: WENN
Car Dealership
Do you know who DealerRater.com voted North Carolina’s top Nissan dealer? That’s right, Michael Jordan Nissan located at 3930 Durham Chapel Hill Blvd.
photo: WENN
He’s Still Spending Bulls Money
The best thing about being an old school basketball player is that they weren’t subject to maximum salaries. Mike made $30.1 million in during the 1997 season and $33 million in 1998. He took a lower salary of $1 million during those seasons with the Wizards, so we’ll pretend like that atrocity never happened.
photo: WENN
Investments
When you’re making hundreds of millions of dollars, you don’t drop your bread in a savings account. Let’s make an educated guess that Jordan both owns some Nike stock and probably has a diverse investment portfolio.
photo: WENN
Dumping Michael Jordan Motorsports
The wealthy know how to dump an investment that’s not performing. Such was the case when Jordan threw the deuces to Michael Jordan Motorsports in 2014.
