August 4th 2023.
Michael Jordan is one of the greatest athletes to ever play the game of basketball. His success on the court has translated into his success in the business world.
In his last season with the Chicago Bulls, Jordan's agent, David Falk, started to lay the groundwork for his rise away from the court. This groundwork included the launch of Nike's Air Jordans, which planted the seeds for an even greater merchandise success. In 1997, Nike introduced Jordan Brand, which increased in revenue by 57% and improved by 133% in year-over-year average selling price.
Jordan's success has spilled outside of athletics as well. He's starred in Space Jam, sold his own cologne, made Gatorade a household name, and even placed millions of dollars into the coffers of eyewear company Oakley. He's also involved with many other companies and brands. In 2023, Jordan Brand is projected to become the second-biggest shoe brand in America.
Forbes estimated that Jordan's net worth is currently $2 billion. In 2010, he purchased the Charlotte Hornets franchise for $275 million, and recently the NBA approved the sale of the team for $3 billion. This means that he has just pocketed an estimated $2.7 billion.
It's easy to see why David Falk called Michael Jordan "the Midas touch." He is an amazing basketball player and a very astute businessman. His success on the court has been matched by his success in the boardroom, and his value as a former athlete turned businessman is virtually unmatched.
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