Michael Jordan jumped up 90 slots on Forbes’ wealthiest people list because of this investment
Be like Mike indeed.
Michael Jordan soared upwards on Forbes' wealthiest people in the world list largely to a healthy increased valuation of a smart investment he made years ago.
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Michael Jordan is known as arguably the best NBA player that ever lived. (The “arguably” is for all of the Lebron James theorists out there.) What cannot be contested, however, is his impact and influence on the sneaker industry and on the game of basketball as a whole.
His dominance on the court and in sneaker retail outlets has been good to his bottom line over the years, but it’s his savvy in the NBA executive suite that has earned him a higher position on the 2018 Forbes List, “Meet The Richest People On The Planet.”
Coming in at number 1,477 on the list of the wealthiest people in the world, he’s number 455 if you just stick to the United States. An increase of $350 million in income helped push Jordan up 90 slots from last year’s list.
A Different Type of NBA Win
In 2006, Jordan paid $175 million for a minority stake in the team. By 2010, Jordan took ownership control of the Hornets. Today, Jordan owns about 90% of the team and Forbes estimates the Hornets are worth $1.05 billion. That smart investment has paid off handsomely for the former Chicago Bull.
The Charlotte Hornets have only seen the playoffs a handful of times in the past 14 seasons, but their hustle on the bottom line propelled Jordan forward on the Forbes list. The Hornets’ value jumped 35% over the past year because of an increase in revenue from TV deals. That revenue is shared equally among all 30 NBA teams, which means that teams like the Hornets that have smaller NBA valuations, win big. The Hornets’
Additionally, as you can imagine, it is Jordan’s famous Nike Jordan brand of shoes and apparel that has steadily fueled his net worth over the years. Jordan has been with Nike since the 1980s. The brand generated approximately $3.1 billion last year alone. Jordan personally pulled in more than $100 million of that. Jordan also has long-standing endorsements with other companies like Hanes and Gatorade.
From becoming the face of one of the internets most prized memes to famously being criticized by many as ‘greedy’ with anti-Black sentiments, he’s still one of the most famous faces in sports history. Now, he’s also one of the richest.
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