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Ray Allen turned down a lucrative offer as a rookie to sign with Nike. The California-born athlete was drafted by the Minnesota Timberwolves in 1996 during the first round as the fifth pick, according to ESPN. He was traded that same day to the Milwaukee Bucks with a three-year rookie contract valued at $6.2 million, per Spotrac. Allen’s earnings helped him remain level-headed when he was receiving offers from FILA and Nike. He already had his mind set on Nike and was not even swayed by a six-figure offer from FILA, despite having a prior sponsorship deal with the company. “ I almost ended up wearing FILA. My agent at the time tried to make me accept a check for a $100,000 but they were telling me they were going to give me a signature shoe,” he told Sports Illustrated in a 2017 interview. “It was either FILA or Nike at the time, and (FILA) told me (I’d get) the signature shoe for five years years but the first two I had to lead the team in scoring, rebounding, steals or assists....
Michael Jordan has invested in a VC firm aiming to align itself with multiple unicorns. Sportico reports that Jordan has invested an undisclosed amount in the fourth fund of Courtside Ventures, a firm focused on the sectors of sports, media, entertainment, technology, and gaming. According to Crunchbase, the firm was founded by Deepen Parikh and Vasu Kulkarni. With over $200 million in assets under management, Courtside Ventures’ portfolio includes companies such as Veo (hardware and software subscription); Winzo (social gaming); The Athletic (sports media brand); and Betty (social casino platform), among others. “When we started Courtside in 2016, we did so out of desperate market need,” a statement from Courtside Ventures’ blog post reads . “Not only was there no venture fund that focused on sports, but existing VCs would run to the hills every time they saw a sports deal. This left entrepreneurs constantly having to look for alternate sources of funding, mostly from the very...
A handful of Michael Jordan memorabilia has sold for millions. According to the Chicago Sun-Times, a jersey worn by the former Chicago Bulls star during a 45-point game in the 1996-1997 season sold for $4.7 million at auction. This met expectations, as the auction house Sotheby’s had projected it would sell for between $4 million and $6 million. “One of the finest Michael Jordan jerseys ever to come to auction, MJ wore this road-red jersey for 5 months and 17 games during the Chicago Bulls legendary 1996-1997 championship season,” Sotheby’s commented on Instagram. View this post on Instagram A post shared by Sotheby's (@sothebys) Brahm Wachter, Sotheby’s head of modern collectibles, commented to the Chicago Sun-Times: “This jersey symbolizes not just Michael Jordan at the height of his celebrity and prowess, but also a pivotal moment in basketball history. Today’s results highlight the enduring strength of the game-worn market, especially those pieces associated with Michael...
C. David Moody Jr. once turned down an investment from Michael Jordan for his construction business. Since 1987, Moody, a Howard University alum with a Bachelor of Architecture degree, has been leading C.D. Moody Construction. He launched the Atlanta, GA-based venture seven years after serving as a staff architect and field engineer at Bechtel Power Corp. Moody was in his early 30s at the time of the company’s launch. While speaking with AFROTECH Brand Manager Will Lucas on the “Black Tech Green Money” podcast, he admitted he had a team of three — which later scaled to more than 60 individuals — and launched with low capital. In fact, he and his wife had to borrow a couple thousand dollars to get C.D. Moody Construction off the ground. Moody said his saving grace was financial advice from his father, who served as a professor and later vice provost of the University of Michigan. “My dad grew up in the depression, and things were tight and he grew up very poor in Louisiana,” Moody...
Michael Jordan is moving forward with a lawsuit demanding better outcomes from NASCAR. As AFROTECH™ previously reported, Jordan became an owner of a NASCAR team, 23XI Racing, in September 2020 . According to NBC Sports, Jordan’s team — also owned by driver Denny Hamlin — operates under NASCAR’s charter system, which demands its 36 charter teams compete in all events. For their participation they are granted incentives such as payments, but this is contingent upon the team’s presence, performance in that event as well as over the course of the most recent three seasons, and the season-ending points fund. Despite the listed incentives, teams are not fairing well under the current structure, per AP News. In fact one team, Furniture Row Motorsports, was led to sell its charter for $6 million just a year after becoming the Cup Series winner in 2017 because it could not make a profit. Despite concerns, 13 organizations moved forward to sign NASCAR’s 100-page renewal contract on the...
Michael Jordan’s Cincoro Tequila is scaling globally. The company, born in 2016 through a conversation about a shared passion for tequila, was established alongside four other NBA team owners. The founding partners have since created a portfolio of tequilas made with 100% Blue Weber agave derived from Jalisco, Mexico . Cincoro Tequila is an award-winning company and has attracted investments from Serena Williams, Michael Strahan, and Derek Jeter, as AFROTECH™ previously reported. “Cincoro has always been special to me because of the authentic friendships we’ve established around enjoying Cincoro and spending time together, designing it, experiencing it, and tasting it. We are constantly striving for greatness,” Jordan, co-founder of Cincoro Tequila, said in a news release announcing Williams’ ownership stake. “And now that we’re welcoming in some of my closest friends to the business, I’m looking forward to this next era of Cincoro alongside this all-star team.” After expanding its...
What was supposed to be a big moment in one photographer’s life has turned into a tale of survivor’s remorse after he claims that Nike tricked him out of credit for a photo he captured of Michael Jordan that would go on to become the logo for the company’s Jordan Brand. In a new short documentary, “Jumpman,” Jacobus “Co” Rentmeester accuses the leading athletic company of copying his work to create the Jordan Brand logo that has graced a plethora of sneakers and clothing products for decades. Originally shot during a photo shoot commissioned by Life magazine for the 1984 U.S. Olympic team, Jordan was instructed to perform a grand jeté, which is “a classical ballet move where a dancer jumps and spreads their legs wide,” Fortune magazine reports. Today, the Jordan Brand is worth $6 billion. However, Rentmeester’s disdain comes from what he believes was negligence on Nike’s part to properly credit and compensate him for the role his photo may have played in inspiring the logo. View...
Jordan Brand is Nike’s best-performing division. As AFROTECH™ previously reported, the Jordan Brand continues to rise, tracking $4.7 billion in fiscal year 2021. At the time, this equated to a 31% increase and marked its highest yet, with growth in every region, including double digits in North America, according to WWD. The following fiscal year, Jordan Brand earned $5 billion. “We’re empowered to grow this brand and make the most of it in geographies around the world,” explained Craig Williams, the president of Jordan Brand at the time, per WWD. “And that’s where the distinctiveness and the independence — if you want to call it that — come into play. But we are turbocharged by being a part of a great global company called Nike Inc. It helps us to efficiently get things done in a way that if we were an independent company, we wouldn’t have that luxury. So it’s important for me, when I think about it with the team, to be both collaborative to take advantage of the wealth of...
Michael Jordan had an unconventional way of signing Stephen Jackson. In 2009, Jackson joined the Charlotte Bobcats (now the Charlotte Hornets) and had a debut averaging 21.1 points, 5.1 rebounds, 3.6 assists, and 1.6 steals in 39.3 minutes across 72 games, the Basketball Network reports. That year, the team appeared in the NBA postseason for the first time. In 2010, Jackson received mentorship from Jordan, who had acquired majority team ownership the same year. As AFROTECH™ previously reported, the former owner, Bob Johnson, had sold his stake for a reported $275 million, ESPN noted, while The Charlotte Observer stated it was $180 million. “I come out of the game, I’m asking him, he’s telling me certain stuff that he sees that I should do…,” Jackson said, according to the Basketball Network. “ How many people can say that? How many people can say that they’re sitting on a sideline with MJ?” Beyond guidance, Jordan also helped save Jackson’s playing career. During an “All The Smoke”...
The Jordan Brand has attracted some of the world’s greats to its brand. However, that should come as no surprise when considering who is at the helm, NBA legend Michael Jordan. It all began when his mother, Deloris, stepped in to ensure he took a chance on signing with Nike. “My mother said, ‘You’re gonna go listen. You may not like it, but you’re gonna go listen,” Jordan said in ESPN’s “The Last Dance” documentary, according to NBC Sports. “She made me get on that plane and go listen.” Jordan was originally looking to sign with Adidas, but he would make his commitment to Nike known when he signed to the brand in 1984 under a five-year, $2.5 million deal, Sports Illustrated reports. Immediately, Jordan’s presence and the staple Air Jordan exceeded expectations with sales reaching $126 million within one year. By 1997, the Jordan Brand began operating independently and also added apparel and accessories. T oday its annual revenue exceeds $6.6 billion, per Sportico. What’s more the...
A new health clinic has opened in Michael Jordan’s hometown of Wilmington, NC, following a generous donation by the NBA legend. As AFROTECH™ previously reported, Jordan had donated $10 million in 2022 to support the development of medical clinics to the regional healthcare system Novant Health, which will offer its services to both uninsured or underinsured residents of New Hanover County in North Carolina. Prior to May 8, 2024, two clinics had been opened to families in town, with two others in Charlotte, NC. Speaking on its impact, residents who have “never had a primary care provider before” have “praised the clinic teams for helping restore health and a sense of hope,” according to a press release, People reports. Now, the clinic will be extending its impact in light of a third Wilmington clinic, which includes 12 patient rooms. The Novant Health Michael Jordan Family Medical Clinic has opened on Greenfield Street with the goal of bringing “much-needed comprehensive primary care...
NBA legend Michael Jordan is enlisting a team of athletic superstars as co-owners of his award-winning tequila company. In a press release shared with AFROTECH™, the NBA Hall of Famer has tapped Serena Williams, Derek Jeter, and a host of other athletes and sports enthusiasts as investors in his award-winning portfolio of luxury tequilas, Cincoro Tequila. “Cincoro has always been special to me because of the authentic friendships we’ve established around enjoying Cincoro and spending time together, designing it, experiencing it, and tasting it. We are constantly striving for greatness,” Jordan, co-founder of Cincoro Tequila, said. “And now that we’re welcoming in some of my closest friends to the business, I’m looking forward to this next era of Cincoro alongside this all-star team.” The company’s new ownership group, Team Cincoro, also includes RedBird Capital Partners Founder and Managing Partner Gerry Cardinale; The Lerner Family, owners of the Washington Nationals; former NFL...
While Michael Jordan’s dominance on the court is apparent through his accolades, the NBA legend has continued to build on his excellence in business. Jordan is now among the 400 wealthiest people in America as his net worth has soared to $3 billion, per Forbes. What’s more, he’s the first professional athlete to accomplish the feat.
