“Biggest Problem..is Supply”: Despite Being Worth Over $3 Billion, Michael Jordan and Three NBA Owners, Faced a Tough Time Kicking Off Their New Business

Michael Jordan may have been the best player in the NBA but he did not have a hot start with his venture Cincoro Tequila. He had founded this start-up with three other NBA owners: Celtics lead owner Wyc Grousbeck, Laker’s owner Jeanie Buss, and Milwaukee Bucks co-owner Wes Edens. Grousbeck’s then-fiancee and now wife Emilia Fazzalari is also an owner of the company.

Cincoro sold out in four markets before its official launch. They used the scarcity model to drive up a cult following. It never disclosed its full inventory, just that it had produced several thousand cases. It was a fertile market for them as the US consumes the most amount of tequila in the world- 18.3 million cases or 56% of the global consumption.

According to Edens, they had to face supply problems initially. He said, “The biggest problem we will have is the supply. I’m in the logistics and infrastructure business.” Edens, well known for being the co-CEO of the $39 billion private equity firm Fortress, was nonetheless confident about the success of his business.

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Cincoro is now one of the biggest premium tequila brands. One of its anejos costed $130 in 2019. According to Fazzalari, they wanted good tequila after their meeting at a pizza place in 2016. To her, it was not a marketing ploy. For Michael Jordan, it was another success.

Michael Jordan is the first sports-billionaire

Jordan is the first sports billionaire in the world. His deal with Nike contributed a lot to it. Air Jordan is among the highest-selling shoes in the world. He made $100 million alone from Nike royalties, and this brand brings revenue up to $3.6 billion. Jordan is now $1.6 billion, due to his NBA team, the Charlotte Hornets. He got full control of the franchise from 2010 onwards.

The team has not impressed many with their performances on the court. But there has not been a letdown with the amount of money Jordan earning from this. He earns $145 million yearly from all of his sources. His pretty steady income lifestyle has protected him from shocks.

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Is Jordan a pioneer for other sports businessmen to follow? What do do you think about his tequila brand? Discuss in the comments below.