While the debate over where Michael Jordan falls on the all-time list of NBA players may continue, the continued profits secured by his Jordan Brand deal structure secure his GOAT status.
@boardroom It’s so Michael Jordan to do all this in ‘23. #michaeljordan #nba #jordans #charlottehornets ♬ original sound – Boardroom
Michael Jordan had a big 2023.
The legendary hooper put his majority stake in the Charlotte Hornets on the selling block and got a massive return.
He purchased the team for $275 million in 2010 and has increased his investment tenfold. He found a new buyer in a group led by Rick Schnall and Gabe Plotkin — including a minority stake for J. Cole — that brought in more than $3 billion.
However, the team’s sale is only one facet of his income stream. MJ brokered one of the most innovative deals with Nike when establishing Jordan Brand. Earlier this year, Boardroom’s Ian Stonebrook spoke to his former agent, David Falk, who discussed their approach to business in the waning days of his playing career.
“Long after he retired, he still had Hanes. He still had Gatorade. He still had Nike,” Falk said. “They were very, very long-term deals. When I made the deals, I never expected he would play competitive basketball for the duration of the deals, and I told that to the companies. It didn’t matter; his popularity had endured.”
Well, this year, the popularity of the Jumpman — both the man and the brand — perseveres.
Jordan landed a cool $330 million from selling sneakers in 2023, roughly four times what he brought in throughout his on-court career.
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