Home » How Michael Jordan became the wealthiest athlete ever with $3-billion Charlotte Hornets sale

How Michael Jordan became the wealthiest athlete ever with $3-billion Charlotte Hornets sale

The game-changing transaction that elevated Jordan's financial legacy

by Adenike Adeodun
Michael Jordan

The greatest basketball player of all time has always been a matter of debate among basketball lovers about whether Michael Jordan is the best to ever play the game. His achievement is always being compared with that of LeBron and Kobe, but he is still considered by many as the Greatest Of All Time (GOAT). What distinguished him from other legendary players was his recent accomplishment that turned him into the richest athlete ever, a title he achieved after selling Charlotte Hornets, thus making history for the sports industry and providing evidence of his entrepreneurial talent.

The Charlotte Hornets: A Journey of Transformation

Jordan bought the team in 2010 and invested $275 million. Jordan’s motive was his passion for basketball and a wish to save the team from its troubled past and lead it into a new NBA era. As the owner of this team, Jordan made a lot of changes both on and off the pitch. His investments in branding, community relations, and team development assisted in creating a reputable image for the team as well as achieving gradual success.

The Life-Changing Deal

The sporting community was amazed on the 3rd of August 2023, after Jordan sold his majority stake in the Charlotte Hornets for a staggering $3 billion. Through selling his shares, he earned approximately $2.25 billion in profit, making him the richest sportsman in history. This remarkable achievement revealed that he was more than just another professional basketball player; he is also an astute entrepreneur and forward-looking investor.

Jordan’s term with the Hornets had a significant impact beyond the financials on the local economy and community. Currently, Forbes puts the value of Charlotte Hornets at a marvellous $1.7 billion, which is an increment of $1.3 billion since Jordan bought it in 2010. He has revived the team, enhancing its national profile while supporting local businesses through job creation. 

From Rough Childhood to Becoming a Financial Power House

The transformational story of Jordan is breathtaking, from experiencing poverty in childhood to making over $94 million during his NBA career, to bagging multi-million dollar deals with Nike, Coca-Cola, and McDonalds, to buying Charlotte Hornets and making a whooping profit of $2.25 billion after it was sold. In addition to all this, he has chains of restaurants, golf courses, and many other businesses. Jordan is the epitome of a life well-lived and he is not stopping any time soon.

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