All Of Michael Jordan’s Business Ventures

Michael Jordan, also referred to by his initials MJ, is a retired, six-time NBA Championship winner who primarily played for the Chicago Bulls. Michael received numerous awards and accolades throughout his 15-year career as a professional basketball player. He is widely regarded as the greatest basketball player of all time. His success on the court is nothing short of legendary, but his business pursuits off the court have transcended him to a global financial powerhouse. Forbes estimates that Michael’s net worth is in the ballpark of $2 billion. This figure makes him the richest former or current basketball player, and one of the richest African Americans in the United States. Here is a rundown of his current business ventures.

In 2010 Michael Jordan made a purchase of the Charlotte Bobcats for an estimated $275 million. The purchase made the NBA legend the only high-profile ex-basketball player to own a majority franchise stake in the NBA. The Bobcats changed their name to the Hornets after the original Charlotte Hornets moved to New Orleans and changed their name to the Pelicans.

Jordan’s purchase came at a time when the former Bobcats were having a terrible run in the league. They had spent an entire decade without any high-profile NBA player and could hardly make progress in the playoffs. Michael hoped to inject some much-needed resources to improve the performance of his hometown team.

The acquisition could not have come at a better time for the former NBA star. The NBA franchise has exploded into a global phenomenon since 2010. Owners and investors of the NBA have been able to enjoy significant financial returns. Although the team has not reached the heights Michael would have hoped for, his stake in the franchise has become a significant business investment in his portfolio.

Forbes estimated that the Charlotte Hornets had an estimated valuation of $1.5 billion in 2020. Michael is no longer the sole owner of the franchise. He partnered with Melvin Capital venture fund Gabe Plotkin, as well as the DI Capital founder Daniel Sundheim who bought some of his shares in 2019. He is, however, still the majority shareholder.

Air Jordan is the best-selling sneaker and sports apparel brand in history – and that is by quite some margin. The first Jordan sneakers, the Jordan 1s, were designed by Nike for Michael in 1984. The sneaker was released to the public for purchase the following year. It is an understatement to say that Jordan’s illustrious career directly influences the sales of the sneakers.

Jordan sneakers were so popular in the 90s that Michael and Nike agreed that the Air Jordan brand would operate 100% independently from the Nike Corporation. It has been reported that Air Jordan raked in $5.1 billion for Nike in 2022 and Michael’s deal ensures that he receives 5% of the sales. This would mean that Michael earned in excess of $100 million in 2022 from the Nike deal alone.

Michael Jordan also boasts an impressive real estate portfolio. He is rumored to have four houses in the United States totaling about $60 million. The most famous of all his abodes is his No.23 mansion in Chicago. The house is a customized Michael Jordan haven and was the house he lived the longest in while playing for the Chicago Bulls.

Sources close to the hall-of-famer reveal that he has been trying to sell the mansion for $14 million. He is yet to find a buyer. He bought the mansion in 1991 after winning his first championship. The house was famously featured in rapper Travis Scott's video aptly called Franchise. Jordan owns other homes in his hometown North Carolina and in Florida and Utah.

The fine-dining restaurant group was founded by the retired basketball player in 1997. The main location was in Grand Central Terminal, New York City, though locations exist in Uncasville, Connecticut; Ridgefield, Washington, and Chicago. The restaurant chain primarily prepares high-quality steaks for its customers. They can also be ordered via the website and shipped to customers countrywide.

Michael Jordan and apparel brand Hanes celebrated three decades of their partnership in 2019. Michael inked his first endorsement deal with Hanes in 1989 and has been an unwavering brand ambassador for the North Carolina apparel company. Hanes calls the partnership the longest-running and most successful partnership of its type to date. 30 years is comparably as long as Michael’s deal with Nike, so we should safely assume that both parties are happy with the arrangement. Michael has since taken up a co-brand director role at Hanes.

Michael Jordan joined his fellow sports legend, former MLB superstar Derek Jitter to acquire a small percentage of the Miami Marlins. Michael was part of Derek’s sixteen investors that raised a reported $1.2 billion to acquire minority ownership of the baseball franchise. Details of the acquisition are all over the place with some reports estimating that Derek owns a 4% stake and Michael owns a 0.5% stake.

Michael famously came out of basketball retirement to play professional baseball. The move did not have the success he has intended and later returned to the basketball court. It seems like even his investment in the MLB has also suffered a decline with reports indicating that the value of the Marlins has dropped to an estimated $990 million.

Michael Jordan owns 23XI racing. This is a professional auto racing organization that competes in the NASCAR Cup Series. Michael, the majority shareholder, co-owns the organization with Denny Hamlin – a professional NASCAR racing driver. Bubba Wallace, the only black driver in the NASCAR Cup Series was signed on to drive the No. 23 stock car for 23XI. The organization has achieved relative success since Michael and Denny took over.

In 2020, DraftKings announced that Michael Jordan had acquired an ownership stake at the betting company in exchange for a role as a special advisor. Michael and DraftKings have not yet given further details on the partnership. The partnership might seem like a conflict of interest at a glance. Michael owns the Charlotte Hornets who play in a league that currently has contracts with DrafKings.

The NBA, however, allows investors, including governors, to have involvement with sports betting and fantasy sports businesses.  This is, of course, subject to safeguards required under league rules to prevent these conflicts of interest. Perhaps this move didn’t come as a surprise to many die-hard Michael Jordan fans. The legend has expressed his affinity for gambling throughout his career.

The private golf course is located on what used to be an orange grove near Hob Sound, South Florida. Overall, the golf course is meant for professional as well as casual golfers. Grove XXIII is an exclusive golfing ground with the membership capped at 100. The estate has a 15,000-square-foot contemporary clubhouse has a practice range and a training facility for men and women. Such an investment should not come as a surprise because Michael’s love for golf has been widely documented for years.

Other notable business investments by the legendary basketball player include a Nissan dealership that bears his name - Michael Jordan Nissan Dealership. Also, he has had a long-standing relationship with McDonalds and has appeared in several commercials for the fast food chain. McDonalds makes their now famous celebrity-inspired meals and the one named after Michael Jordan is primarily sold in the greater Chicago area.