Greatness cannot escape Michael Jordan, as he’s reportedly now the wealthiest NBA player in history.
The milepost shifted following the sale of his majority stake in the NBA’s Charlotte Hornets. As AFROTECH previously told you, the NBA Board of Governors approved the transaction that transferred ownership to a group led by Rick Schnall and Gabe Plotkin.
“I’m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick,” Jordan expressed, according to ESPN. “I know the Hornets organization is in great hands moving forward. I’m excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead.”
“We want to thank Michael for this opportunity, as well as his support throughout this process,” Plotkin and Schnall said in a combined statement, per ESPN. “During his ownership, he brought stability to the Hornets franchise, achieved many business milestones, reconnected and reinvested in the Charlotte community and has the organization positioned for greater success. We look forward to building upon this success in the years to come.”
As of this writing, Jordan still maintains minority stake in the team. Bloomberg estimates he sold a 65% stake and speculates that he kept less than 5% in the deal that was reportedly valued at $3 billion.
Beyond his role as team owner, Jordan has established himself as one of the greatest athletes turned businessman with an empire that speaks for itself.
In 1984, the NBA legend signed a deal with Nike that would scale from a partnership to the establishment of the Jordan Brand. In 2022 alone, Jordan Brand generated over $5 billion, AFROTECH previously mentioned.
This means he could have pocketed $256.1 million as he reportedly earns 5% from sales through his deal with Nike, per Front Office Sports.
Among many other business moves over the years, Jordan is also the owner of NASCAR team 23XI Racing as of September 2020. He also has equity in sports-betting firm DraftKings and serves as their special advisor, per Forbes.
Jordan dominates across various industries, also owning spirits brand, Cincoro Tequila, which sold 1.5 million bottles nationally in just three years, CBS reported in 2022.
To this day, Jordan is still proving to only be in competition with himself.