In hindsight, Michael Jordan was criminally underpaid while he was terrorizing NBA defenses on his way to six championships. However, Air Jordan has been doing quite well for himself post-retirement which his recent net worth clocking in at $1.65 billion.
It’s not Air Jordan’s kicks that have upped the size of his bag, but his ownership of the Charlotte Hornets.
NBA legend Michael Jordan took ownership control of the team in 2010 and hasn’t been able to replicate his on-court brilliance from the owners’ suite. Jordan won six NBA titles with the Chicago Bulls, but the Hornets have not won a playoff series under MJ’s watch.
Despite the lack of on-court success, the Hornets have been a slam dunk for Jordan as an investment. Jordan was a minority investor in the club starting in 2006 before he paid a grossed-up value of $175 million in 2010 for the team—mostly inherited debt—along with the promise to fund tens of millions of dollars in future operating losses. Forbes valued the team in February at $1.05 billion, including $150 million in debt. Jordan owns roughly 90% of the Hornets.
The soaring team value and continued success of Nike’s Jordan Brand pushed Jordan’s net worth to $1.65 billion in Forbes’ billionaires’ list this month. The tally is up $350 million from 12 months earlier. Jordan ranks as the 1,477th wealthiest person in the world, up 90 spots from last year. His rank in the U.S. is No. 455 (the cutoff for the Forbes 400 was $2 billion last year).
Also, besides the aforementioned Jordan Brand, Jordan is still collecting loot on endorsement deals with Hanes, Gatorade and Upper Deck.
Considering that MJ has become more “woke” in recent years, the man’s legacy continues to soar.
Photo: Jordan Brand
Fly News: Michael Jordan’s Net Worth Leaps To $1.65 Billion was originally published on hiphopwired.com