After selling his majority stake in the Charlotte Hornets, NBA legend Michael Jordan’s net worth has reportedly skyrocketed to $3.5 billion. According to the Bloomberg Billionaire Index, that figure makes Jordan the richest NBA player in history. Black Enterprise reported that Jordan could pocket an estimated $2.7 billion from the deal to sell the Hornets to a group led by Gabe Plotkin and Rick Schnall.
Jordan wrote a letter to the Hornets faithful, thanking them for their support during his tenure as owner on Aug. 3:
“As Gabe Plotkin and Rick Schnall, and their ownership group, now take a controlling stake in the team, and I transition to becoming a minority owner, I want to say Thank You to Hornets fans for all the love and dedication you’ve shown the franchise and to me over the years. We’ve had some unforgettable moments together, as well as a few challenging ones, but through it all, you’ve remained committed to us.”
Per Jordan’s statement, he maintains a minority stake in the team, which Bloomberg estimates at around 5%. Jordan has proven himself to be an astute businessman as he brokered a deal with Nike in 1984 that led to the establishment of the Jordan Brand, which now generates roughly $5 billion annually for Nike. Jordan receives 5% of all sales profits, which puts his take at around $256 million a year.
In September 2020 Jordan became the first Black owner of a NASCAR team, 23XI Racing; the team employs the only Black driver in the Cup Series, Bubba Wallace. Following Brad Daugherty’s team’s historic win at the Daytona 500, Daugherty credited Jordan, telling the Charlotte Observer:
“The reality of it is, without Michael Jordan, and I told him this, we don’t have an African American driver sitting in a seat who’s capable of winning a race every week.”
Michael Jordan continues to set the standard well after his playing days have concluded, and the results of his latest business deal only serve to emphasize that.
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