NBA?s $24 Billion Deal That Helped Michael Jordan Become Almost $1 Billion Richer

NBA’s one of the all-time greats, Michael Jordan became one of the first truly global stars at a time when the internet was not easily accessible. While Magic Johnson and the Los Angeles ‘Showtime’ Lakers brought excitement to the league, Jordan took it to a different level. Even though basketball as a game was not as popular as soccer in different parts of the world, people knew about Jordan.

With the rise of Jordan and the Chicago Bulls, the league became global as well. Even a lot of soccer superstars grew up watching MJ dominate.

With this fame, came a huge fortune, and he became the first athlete to be a billionaire. As per reports, Jordan has a net worth of $1.8 billion despite only making a total of $90 million as a salary. However, the six-time champion had some great endorsement deals. Especially his contract with Nike played a huge part in his financial growth. Also, he helped Nike make a fortune as well.

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Essentially, the partnership changed the sneaker culture in the country and it is still going strong years after he retired. In 2010, Jordan made a substantial stride towards owning an NBA organization.

Michael Jordan becomes a majority owner?

In 2006, Michael Jordan became the second largest shareholder of the Charlotte Bobcats. Then in 2010, he became the majority owner of the team after buying stakes from Bob Johnson for a reported $175 million owing to its small market. But MJ struck gold. In less than a decade after he bought the club, the value of the organization skyrocketed to $1.3 billion because of NBA’s huge TV deal.

The NBA became one of the most watched leagues around the world owing to its global fanbase. This led to the NBA signing a $24 billion TV deal with ESPN and Turner Sports, which will end after the 2024-25 season reportedly. And it has certainly helped raise the value of Jordan’s team.

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When the five-time MVP became the majority owner, he was the first-ever former athlete to do so. Furthermore, Jordan is also the only African-American majority owner in the NBA now. In 2013, the name of the Charlotte Bobcats was changed to Charlotte Hornets.

The Bulls legend is yet to win an NBA title as an owner. As a star on the floor, MJ hated losing. However, ownership is a different ball game totally, and he knows it. He even once said that winning a title as an owner would be a sweeter moment than winning titles as a player.