Michael Jordan will make a billion dollars a payday in his lifetime

ESPN first announced Jordan’s intention to capitalize on his investment in the Charlotte Hornets, which Forbes estimates at $1.7 billion.

The group, led by current Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rich Schnall, is poised to take a majority stake in Jordan.

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Jordan, who is the only black owner among 30 NBA franchises, will remain a minority owner, according to ESPN.

Jordan sold part of the team to Plotkin, who made his fortune a few years ago as the founder and chief investment officer of Melvin Capital.

The Chicago Bulls legend, considered by many to be the greatest player in history, originally paid $275 million for a majority stake in the team in 2010, meaning he is likely to quadruple his investment.

The Hornets are ranked the 27th most valuable franchise in the league by Forbes, well behind the top trio of Golden State Warriors ($7 billion), New York Knicks ($6.1 billion) and Los Angeles. Angeles Lakers ($5.9 billion)

Under Jordan, the Hornets were consistently poor, only making the playoffs three times in 16 seasons and losing in the first round on all three occasions.

This season is no different. The Hornets have the fourth-worst record in the league with 22 wins and 49 losses, but they are among the top four franchises looking to get the first pick in this year’s draft and pick The French Talent of Victor Vebenyama’s Generation.

Jordan was notoriously underpaid for much of his NBA career, earning less than a million dollars a season for his first four seasons before signing an eight-year, $26 million contract that covered most of his peak.

The Bulls tried to redeem themselves with $30.1 million and $33.1 million in annual deals in 1996 and 1997, which was extraordinary at the time, but Jordan is still not in the top 100 in career earnings.

He amassed much of his fortune through endorsements, including an ongoing deal with Nike that reportedly netted him $256 million in 2022 alone.

Originally published as Michael Jordan will make a billion dollars a payday in his lifetime