Michael Jordan is a retired basketball player, team owner, product endorser, and entrepreneur from the United States. Michael Jordan has an estimated net worth of $2.2 billion. Also Rick Ross Net Worth is most searched topic Nowadays.
Jordan’s Early Life
Michael Jeffrey Jordan was born in Brooklyn, New York on February 17, 1963. His mother, Deloris, was a financial professional, and his father, James R. Jordan Sr., was an equipment supervisor. Michael’s family relocated to Wilmington, North Carolina, when he was a toddler.
Michael attended Emsley A. Laney High School in Wilmington, where he participated in basketball, baseball, and football. He notably tried out for the varsity basketball team as a sophomore but was turned down since he was “only” 5 feet 11 inches tall. Enraged by the rejection, MJ dedicated himself to excelling on the Junior Varsity team. He grew four inches over the summer between his sophomore and junior years, earning him a seat on the varsity squad.
Michael lit up the varsity team, averaging 25 points per game his junior and senior years. He was chosen as a senior to play in the 1981 McDonald’s All-American Game, where he scored 30 points.
How He Gained Fame In Basketball?
Michael played three seasons for the UNC Tar Heels, garnering numerous trophies, including the Naismith and Wooden College Player of the Year in 1984. He left UNC a year early in order to enter the 1984 draft. Michael returned to UNC in 1986 to complete his degree, and he finished with a Bachelor’s degree in geography.
Surprisingly, he was not the first choice. After Sam Bowie (#2) and Hakeem Olajuwon, he was the THIRD pick. The Chicago Bulls selected Michael with the third overall pick. On September 12, 1984, Michael signed his rookie contract with the Bulls. The contract was a seven-year, $6 million pact with an annual salary of roughly $850,000. The Bulls barely sold out six games the year before Michael joined the club. Attendance more than doubled during Michael’s debut season.
Michael and Chicago agreed to an eight-year, $25 million contract extension at the end of his sixth season. It was the biggest deal in NBA history at the time. As a result, Michael’s annual compensation increased to roughly $5 million. When Michael’s contract expired in 1996, he negotiated a one-year $30 million agreement. The next year, he agreed to a one-year contract worth $33.14 million. After adjusting for inflation, the latter is worth roughly $55 million today.
Michael left the NBA and returned twice. He briefly retired to play minor league baseball. When he returned to the NBA for the second time, he spent two seasons with the Washington Wizards. As previously stated, Michael received a total salary of $93.7 million during his NBA career. He received $161 million in compensation after adjusting for inflation each year.
Nike Deal And Annual Royalties
Prior to Michael Jordan, James Worthy’s $150,000 annual deal with New Balance was the world’s highest celebrity shoe endorsement contract. Jordan broke all sponsorship records in 1984 when Nike agreed to pay him $500,000 per year for five years. Jordan also received Nike stock options, bringing his total pay to $7 million over the course of five years. Michael had never worn a pair of Nike shoes in his life and had hoped to sign with Adidas, but Nike’s offer was too good to pass up and too much for Adidas to match.
When he first wore them, he broke the NBA’s conformity rules. Nike paid all of the league’s fines and leveraged the incident to increase brand awareness. The Air Jordan shoe debuted in stores in March 1985 and sold over a million pairs within two months. Nike made $100 million in income from Air Jordan in its first year. Air Jordans now account for 58% of all basketball shoe sales, and the brand produces more than $2.5 billion in annual sales for Nike.
Michael received 25 cents for every Jordan shoe sold in 1992. He now earns $4 each shoe sold. Nike gave Michael $480 million in shoe royalties between 2002 and 2012. Michael Jordan’s annual Nike royalty payment now ranges between $80 and $100 million. However, over the course of several years, his royalty check has reached $100 – $120 million.
Jordan’s Personal Life And Divorce Settlement
In September 1989, Michael married Juanita Vanoy. They shared three children. After 13 years of marriage, Michael Jordan filed for divorce from Juanita Jordan in 2002, and he was eventually ordered to pay her a $168 million divorce settlement. It was one of the most costly divorces ever. Cash, stocks, and the value of their different real estate holdings were included in the settlement. Since April 2013, Michael has been married to Cuban-American model Yvette Prieto. In February 2014, she gave birth to their identical twin girls.
Michael Jordan’s Net Worth
Michael Jordan’s net worth is $2.2 billion. Michael earned a total of $93.7 million in compensation during his NBA career. He was the first athlete in history to be paid more than $30 million a year. He achieved this achievement during the 1996-1997 season, earning $30.14 million in base salary. After adjusting for inflation, he made $33.14 million the next season, which is equivalent to $53.4 million today. Along with Michael Jordan, Lil Wayne’s Net Worth is one of the most searched topic on internet.
Top 10 Richest Athletes In The World, 2020 (a thread)
1. Michael Jordan
Net Worth: $2.2 billion pic.twitter.com/1Ui7688XCh
— V.I.C.T.O.R.Y. (@VictoryAlex4) September 23, 2020
Despite the fact that he has not played professional basketball in nearly two decades, Michael now earns $100 million per year from endorsements and other business activities. Please keep in mind that he made more in a single year than he did in 16 NBA seasons. Nike/Jordan brand royalties net Michael at least $60 million each year. Michael became a billionaire through his ownership of the Charlotte Hornets NBA franchise.
This investment will be discussed in further depth later in this essay. Jordan guided the Chicago Bulls to six NBA titles. He has won the league MVP award five times. On September 11th, 2009, he was inducted into the Hall of Fame for having the highest career scoring average of all time.