Michael
Jordan is one of the greatest basketball players of all time and also a
talented businessman. It is said that his net worth is more than a billion
dollars and he acquired that after decades of a Hall of Fame NBA career and a
variety of business deals. He’s had sponsorships with Nike, Gatorade,
McDonalds, Hanes, 2K Sports, Upper Deck & a host of other corporations.
Those sponsorships included shoe deals, commercial appearances, being a spokesperson,
& cover athlete of NBA 2K for a couple of years. He also has multiple
business investments. He owns restaurants, car dealerships and is also the
majority owner of the Charlotte Hornets. He has earned millions on the court
and even more millions off of it from his endorsement deals and business
interests. More than anything, he made most of his earnings from Jordan Brand
& his partnership with Nike. He makes more than $60 million a year from his
contract with Nike. Jordan sneaker sales are still growing after all these
years and generate more than $2 billion every year. Due to the massive
popularity and influence his shoes have had, Jordan Brand owns more of the
basketball shoe market in America than Nike itself.
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If
you’ve seen the ESPN 30 for 30 “Broke” documentaries, you know how fast
athletes can make money and how fast they can lose it all. Athletes like MJ
realized their power and influence and took advantage of it. With so many
athletes going bankrupt and blowing their money away on gambling, splurging, or
domestic issues, Jordan is a role model in the business world for developing
the knowledge and network to turn his name into a billion dollar company. Many
of today’s athletes are following his lead and creating their own brands. I
just highlighted a few athletes but there are many more that are successfully
building their own companies after retirement.