What does Jordan do for the Hornets?
The Charlotte Hornets are in a special position. While the other 29 teams are playing for a regular billionaire, the Hornets have to report to Michael Jordan, the greatest basketball player of all time. Jordan has held a stake in Charlotte’s franchise for over 15 years.
Does Nike still pay Jordan?
Meanwhile, Jordan’s deal with Nike included a clause for royalties. According to Essentially Sports, Jordan gets 5% from each Air Jordan sale; this is how he has been able to make $150 million per year.
Does Michael Jordan still own Hornets?
The NBA legend sold a portion of the team to two New York-based investors but will remain majority owner of the Hornets. Michael Jordan will sell a portion of the Hornets to two New York-based investors but will remain majority owner, the team announced in a statement on Saturday. The transaction is subject to NBA approval.
How much money does Michael Jordan make from the Hornets?
While most billionaires lost money over the past 12 months, Jordan’s net worth rose $300 million thanks to a higher value for the Charlotte Hornets, the NBA franchise he owns roughly 70% of, and $145 million in earnings, largely from Nike. His Hornets stake is worth $940 million net of debt. Also read Who are the participants in the dunk contest?
What percentage of the Hornets does Jordan own?
The Charlotte Observerreports Jordan controls around 97% of Hornets equity. He became a minority owner in the then-Bobcats in 2006 and bought the team from BET co-founder Bob Johnson in 2010.
Why did Michael Jordan buy the Charlotte Hornets?
Why did Michael Jordan buy the Charlotte Hornets? Although Jordan has never given a reason for his decision, the most obvious answer could be his childhood. Even though MJ is born in Brooklyn, New York, he grew up in North Carolina which he considers home. It could also be his belief in turning his home team into champions.