August 28th 2023.
Michael Jordan has made history yet again. After selling his majority stake in the Charlotte Hornets, NBA legend Michael Jordan’s net worth has reportedly skyrocketed to an impressive $3.5 billion. According to the Bloomberg Billionaire Index, this figure makes Jordan the richest NBA player in history.
Black Enterprise reported that Jordan could pocket an estimated $2.7 billion from the deal to sell the Hornets to a group led by Gabe Plotkin and Rick Schnall. Jordan took the time to thank Hornets fans for their support during his tenure as owner in a letter on Aug. 3.
He wrote “As Gabe Plotkin and Rick Schnall, and their ownership group, now take a controlling stake in the team, and I transition to becoming a minority owner, I want to say Thank You to Hornets fans for all the love and dedication you’ve shown the franchise and to me over the years. We’ve had some unforgettable moments together, as well as a few challenging ones, but through it all, you’ve remained committed to us.” Jordan’s minority stake in the team is estimated to be around 5%.
The shrewd businessman has also had a long-term partnership with Nike since 1984. Jordan Brand has generated roughly $5 billion in profits for Nike annually, with Jordan receiving 5% of the sales profits. That puts his take at around $256 million a year.
In September 2020, Jordan made history again by becoming the first African American owner of a NASCAR team, 23XI Racing. The team also employs the only Black driver in the Cup Series, Bubba Wallace. Brad Daugherty, owner of the team, credited Jordan after their historic win at the Daytona 500, telling the Charlotte Observer “The reality of it is, without Michael Jordan, and I told him this, we don’t have an African American driver sitting in a seat who’s capable of winning a race every week.”
Michael Jordan has certainly set the bar high for himself and others. He continues to show himself to be not only a legendary basketball player, but an astute businessman as well, with his latest business venture only further emphasizing that.
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