From ?Disastrous? Hornets Stint to Forbes 400 ? Michael Jordan Breaking Boundaries in the World of Sports

NBA legend Michael Jordan has been an inspiration for many athletes from various sports over the years. Not just with his dominance on the hardwood and mentality, but also in the world of business. Despite earning just around $90 million as a salary during his illustrious NBA career, Jordan became the first athlete to be a billionaire. He arguably paved the way for other athlete-billionaires like LeBron James and Tiger Woods.

Now, he has once again taken another massive stride. Despite his poor stint with the Charlotte Hornets, the 6x NBA champion has made history in the world of sports by entering the Forbes 400.

From superstar to majority team owner

During his time in the NBA and after his retirement, Michael Jordan earned a lot from his endorsement deals. Given his superstardom, major brands queued up to get Jordan’s signature and endorse them. The 14x NBA All-Star made millions from his association with brands like Nike, Coca-Cola, McDonald?s, Gatorade, Wheaties, Chevrolet, etc.

Notably, he earned the most from Nike with the creation of the Air Jordan brand. MJ reportedly earns 5% of every sale made by the Jordan brand. He was the first to sign a lifetime deal with the brand as well. Furthermore, he also earned a lot with his investments in companies like Sportradar, Muzik, Gigster, aXiomatic, etc.

With his fortune from the league, endorsements, and investments, Jordan entered the realm of team ownership. In 2006, he became a minority owner of the Charlotte Bobcats. After biding his time, he became the majority owner in 2010 with a reported purchase of $275 million.

There was a massive sense of excitement when His Airness became the majority owner. Given his competitive fire and basketball knowledge, most fans expected him to do wonders. However, that was not the case. His ball knowledge did not translate into the front office and the team struggled massively.

Michael Jordan’s tenure with the Charlotte Hornets

After Michael Jordan’s takeover, the Hornets reached the playoffs only twice (2013 and 2015). But they bowed out of the first round on both occasions. Despite multiple opportunities to strengthen the team with draft picks or trades, the front office fumbled. As the face of the franchise, Jordan was criticized for the team’s disastrous performances on the court and the management’s struggles off it. Notably, one of MJ’s closest friends Charles Barkley criticized him on TV as well, which sadly ended their friendship.

Over the years, the Hornets have made some poor decisions that ultimately kept them out of the playoffs year after year. The team’s decision-making with draft picks had been abysmal, to put it mildly. Notably, the Hornets missed out on superstars like Donovan Mitchell, Devin Booker, Anthony Davis, Bradley Beal, and Damian Lillard, to name a few. The players selected by the franchise either ended up complete busts or were very average.

This drew more criticism and raised questions about the way the club was run. While it can be argued that it is hard to predict which prospect will turn out well, the Hornets’ pattern of continuous misjudgment is there to be seen and it was appalling.

WATCH THIS STORY – ?This One Hurt?: Hours After Celtics? Shocking Jrue Holiday Acquisition, Jayson Tatum Bids Farewell to 25YO ?Dawg 4L? Teammate

With this, the team’s poor run continued in the NBA under Jordan for years. Notably, in his 13-year tenure, the Hornets had a massive losing record of 423-600. It was the fourth-worst record in the league during that time period as per Yahoo Sports.

Michael Jordan joins the Forbes 400

In 2019, Michael Jordan sold a minority piece of the team to Gabe Plotkin and Daniel Sundheim. Finally, Jordan decided to sell his majority stake in the Hornets this year. Even though MJ’s ownership did not lead the Hornets to glory, it did see a huge jump in its valuation. The Hall of Famer had purchased his majority stake for $275 million. 13 years later, despite the team’s poor record, Jordan sold it for around $3 billion.

While inflation and the league’s overall growth in popularity are important reasons for the increase in price, MJ’s superstardom arguably played a part as well. It is no secret that Jordan is a fierce competitor who is obsessed with winning. So it would have been a hard decision for him to sell his stakes without leading the team to the promised land.

Notably, the 5x NBA MVP once even claimed that winning one title with the Hornets would be bigger than the six championships he won as a player with the Chicago Bulls. That was how badly he wanted the organization to succeed. But it was not meant to be.

However, it was still a massive win for Jordan, the entrepreneur. Before the sale, MJ had an estimated net worth of $2 billion. Now, he has an estimated net worth of $3 billion after selling his majority stake in the Hornets. With this, Jordan has joined the Forbes 400 list.

READ MORE – Celtics Legend, Who Called Michael Jordan ?God?, Once Humbled Bulls Legend Only to Assert Dominance

The Bulls legend is the first-ever professional athlete to make the elite list of America?s wealthiest individuals. After becoming the first athlete to be a billionaire, Jordan has once again broken another boundary in the world of sports.