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Michael Jordan, a billionaire after retirement - i.m/u.r

Michael Jordan, a billionaire after retirement

Michael Jordan in Paris, 2015

Michael Jordan was one of the most successful players to have ever graced a basketball court.Having won 6 NBA championships with his Chicago Bulls (1991-1993, and 1996-1998), 2 Olympic gold medals with the USA (in 1984 and 1992), numerous achievements and awards, as well as having set countless records,A�most of his personal wealth growth occurred after his retirement from basketball in 2003.

It was in 1984 when Michael Jordan left college in North Carolina to enter the NBA (the North American professional basketball league), as he all day chemist was one of the highest profiled athletes in the USA, having won the NCAA Tournament two years before, and being named the National College Player of the Year and ACC Player that same year, two of the highest awards for college athletes.

Despite this, he was only selected in 3rd place at the NBA DraftA�(a system employed in American professional sports, where lowest ranked teams select players first, when they enroll to play in the league), with the Houston Rockets selecting Akeem Olajuwon, and the Portland Trailblazers selecting Sam Bowie ahead of him.

Nevertheless, his technical skills and exciting style of play led Nike to sign him on a 5-year sponsorship deal worth a then-record $500,000 per year plus extra royalties which would grant him some $7 million over that period a�� note: the previous record was the $150,000 that New Balance paid his former Tar Heels colleague, James Worthy, then playing with the Los Angeles Lakers.

Having played in the NBA from 1984 to 2003 (with two retirement periods in 1993-1995, and 1998-2000), Michael Jordan had an annual salary just below $4 million up until 1995, when the league altered its salary cap rules, which allowed him to earn just over $30 million per year in each of his final two years with the Bulls. Upon his return to the NBA in 2000, now with the Washington Wizards, he accepted a considerably lower paycheck of $2 million, in order to allow his new team to have the financial means to attract and hire other players.

Michael Jordan, winner of six NBA championships

Michael Jordan, winner of six NBA championships

An estimate of Jordana��s total earnings as a player is around $94 million, excluding sponsorship deals. Between 2000 and 2012, his earnings from sponsorship deals were slightly above $500 million, with Nike providing the biggest part of the share, at $480 million.

In 2010, Jordan became the majority owner an NBA franchise, the Charlotte Bobcats (renamed the Hornets in 2014), for a total of $275 million for 80%, and extended it to an 89,5% in 2013, after having purchased an initial minority stake in 2006, always from then-owner Bob Johnson.

Two events in 2014 led the NBA franchises value to rise to unprecedented figures: 1) the former head of Microsoft, Steve Balmer, bought the $575 million valued Los Angeles Clippers franchise for $2 billion, and 2) the TV broadcasting rights renegotiationA�resulted in a contract worth $2.6 billion per year commencing with the 2016/17 season, an 180% increase from the previous $930 million contract, signed in 2007. This resulted in the Charlotte Bobcats being valued at $410 million then,A�and currently at $750 million.

Due to the fact that, in recent years, Michael Jordana��s brand at Nike a�� Air Jordan a�� has had annual sales surpassing the $2 billion mark, earning him an estimated $90 million per year, the value of the Charlotte Hornets added to his personal estate prompted Forbes to value his net worth above the $1 billion mark in March 2015, a figure which has continued to rise ever since, and is expected to do so in the future.

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