How did Michael Jordan amass a business empire worth $3 billion? The sale of his majority stake in the Charlotte Hornets certainly had a hand. But we cannot ignore his business acumen and talent which have been evident in nearly every one of his ventures. One such instance is the 1992 Olympics controversy that emerged when the fan-favorite Dream Team stood on the podium to celebrate the victory. It showed Jordan’s patriotism, competitiveness, respect for other businesses as well as dedication to his game.

Recently, the American flag from that iconic victory was auctioned for millions. This isn’t the only Jordan-related item that fetched jaw-dropping prices. Numerous other memorabilia pieces have fetched at least $8.5 million in the New York auction. And this brings back the Dream Team controversy which highlights how competitive Jordan was, both in sports and business.

What is the controversy? 

While Jordan was eager to join the Dream Team, his deal with Nike posed a challenge for USA Basketball in promoting him. The 6X NBA champ was willing to face any fate that came his way.

“If it comes to a point where they feel they can’t compromise if it’s going to be the way they’ve made it out to be, that’s going to be tough to swallow,” Jordan said in a conversation with the New York Times.  

Fortunately, the issues were resolved, and Jordan became part of the squad. But there was still another problem. Nike’s competitor, Reebok, was the official outfitter of the USA Basketball Team, and naturally, the Reebok logo was prominently placed on the shoulder of the uniform. And this was a bit problematic for him.

His Airness and a few other players believed that the American flag deserved the spotlight at the 1992 Barcelona Podium. As a tribute to the nation, Jordan draped the flag over his shoulder to cover the logo. Charles Barkley and Magic Johnson followed suit. Barkley had a deal with Nike while Johnson was involved with Converse. However, they never wanted to do any wrong to Reebok as well but boosting a competitor when already being the face of another could be quite challenging for sales. Still, he gave a clever response.

Explaining the reason behind their action, Jordan said, “Everyone agreed we would not deface the Reebok on the award uniform. The American flag cannot deface anything. That’s what we stand for. The American dream is standing up for what you believe in. I believed in it, and I stood up for it. If I offended anyone, that’s too bad,”  He further added, “When you hire 12 Clint Eastwoods to come in here and do a job, don’t ask them what bullets they’re putting in the gun.”

Jordan’s strategies to promote his brand and the companies he’s been involved with have often sparked controversies, yet they have neither affected his decision nor his success. This action too sparked controversy, with the American flag becoming part of the debate. 

How much did the American Flag sell for?

Sotheby’s is a well-known auction house with a record of impressive sports memorabilia sales. So, are we surprised by the price? Absolutely not! As part of the “Colossal: The Ultimate Jordan Collection” online auction by Sothyby’s, the American flag signed by the entire Dream Team players was sold after 45 bids as per the auction house. Bidding started on Oct. 23 and continued until Nov. 4. The final price of the Circa 1992 auctioned flag is $1.8 million as per the Chicago Sun-Times.

Moreover, Michael Jordan’s “banned” AJ1 shoes, which cost him nearly $5,000 in fines each game he wore them, remained wildly popular with fans. Back then, the red and black color of the shoes weren’t allowed in the NBA. Nike reportedly paid all the fines so that MJ could wear them in the games. The brand continues to release new and reimagined versions of the iconic sneaker. This was a success for sure. 

In 2022, Reebok was valued at $2.5 billion. Back then, the company faced a loss of $4 million which was paid to buy the rights to making warmup apparel and tracksuits for the players. Since it didn’t even get to be on display, the entire charade was all for nothing. And as said before, this isn’t the only object from the Olympic team.

Was Jordan’s jacket sold in the auction?

The jacket was also the star of the show. Not just the American Flag but the jacket also became a highly coveted item among the collectors. It was worn by Jordan on the Olympic podium. After the game, the jacket was given to an NBA staff member, Brian McIntyre. 

Years after the Olympics, the Chicago Bulls legend asked McIntyre to return the jacket. While he thought MJ would take back his jacket, that didn’t happen. Instead of taking it back, he signed the jacket and gave it back. This piece was also sold at Sotheby’s which fetched around $1.51 million. 

Everything MJ touches sells for double its original price. And if it comes with a story like this one, adding a few more million wouldn’t be wrong.