Some things have stayed the same since the ‘80s. Russia and U.S. relations remain tense (to say the least), big sweaters and high-waisted jeans are in, and Michael Jordan keeps breaking records. A revolutionary athlete-turned-businessman who inspired many accolades as the “greatest of all time” or “GOAT,” Jordan’s business dealings laid the groundwork for athletes to become business moguls. Now, he’s on the brink of his biggest deal yet—which paradoxically involves him leaving the NBA. On Friday, the six-time NBA champion, Olympic gold medalist and longtime face of Nike, McDonald’s, Gatorade and countless other brands, sold his majority stake in the Hornets to current minority owners Gabe Plotkin and Rick Schnall for an estimated $3 billion valuation. Other aspiring mogul athletes still want to “be like Mike.”
Jordan has built his name into a branded business since his days on the court. His best known deal was born out of his partnership with Nike: the timeless Air Jordan sneaker. It wasn’t just a hit in Foot Lockers nationwide, it broke the norm as Jordan was more than a sponsor but a stakeholder in the brand. As documented in the recent Ben Affleck movie, Air, which featured extensive behind-the-scenes involvement from his Airness himself, the business savvy of Jordan’s mother, Deloris, was the pivotal factor convincing Jordan to listen to Nike’s pitch and negotiating for 25% of royalties for every shoe. (Jordan himself wanted to sign with Adidas, then the dominant shoe brand—and all those years later, Jordan himself insisted that Affleck and co-producer Matt Damon cast Oscar winner Viola Davis as his beloved mother.)
Partnering with a lesser-known brand at the time led to a $2.5 million, five-year contract—nothing to sneeze at, especially in 1984. What could have been just a shoe deal became a new precedent, as Jordan’s stake in the company paved the way for sports players seeing more from their sponsorships. In a sign of his influence, the arrival of another GOAT, soccer great Lionel Messi, to America, comes under a similar arrangement, as Major League Soccer is working with corporate partners Apple and, yes, Adidas (with whom Messi already has a lifetime contract) on some kind of equity stake for the Argentinian legend, to go along with his reported $60 million contract.
Jordan continued to own the ‘90s, with sponsorships with McDonald’s, Gatorade, and Hanes, among others. He was catapulted into international fame in the 1992, while leading the “Dream Team” of NBA superstars to a gold medal in the first Olympic Games following the fall of the Berlin Wall and demise of the USSR. The win was also a symbolic one, a triumph of the U.S. as the Cold War ended, and Jordan became a figure that represented said victory. His name and likeliness gained global recognition as he became the face of McDonald’s once it entered the post USSR Russia. (He also inspired legions of international kids to pick up basketballs and transformed the sport into a global one, as evidenced by recent NBA Finals MVP Nikola Jokic, from Serbia.)
All these deals helped Jordan’s net worth soar to $2 billion. He earned $90 million until he retired, but since leaving the court has raked in $1.8 billion pre-tax from his historic partnerships, per Forbes. The number is now likely higher, post his pending NBA franchise sale. Jordan’s actual stake during his 13 years helming the Hornets is unclear, as is how much he’s actually keeping in order to still be a minority shareholder. But considering he owned at least 50% of the company, Jordan has at least $1.5 billion on the line from this deal.
Keeping with the GOAT’s proclivity for breaking records, the deal is the seventh-most expensive sports team sale ever, per Axios. Six out of the seven record-breaking NBA team sales have occurred in the last 13 months, underscoring the current weight of a sports investment these days. Minting deals with streaming and cable, the NBA has soared high enough that the average team was worth $2.86 billion in 2022, 15% higher than just one year prior, per Forbes. NBA franchise values have exploded since Donald Sterling bought the LA Clippers for $13.5 million in 1981, a figure that’s worth more than $44 billion today. In 2019, Joseph Tsai bought the Brooklyn Nets for $2.35 billion in 2019 and Mat Ishbia bought the Phoenix Suns for $4 billion in 2022.
Jordan bought in before the latter two in 2010, acquiring BET founder Bob Johnson’s Charlotte Bobcats—which later became the Hornets—for just $275 million. Now, the GOAT athlete-business mogul is pulling off quite the coup with this sale. Meanwhile, GOAT counterpart Lebron James, who is worth just a reported $1 billion, hopes to acquire a team one day.
Jordan has been there, done that.
Chloe Berger
https://fortune.com/2023/06/21/michael-jordan-net-worth-selling-majority-stake-hornets/
By: Chloe Berger
Title: Michael Jordan remains the GOAT—of athletes turned businessmen
Sourced From: fortune.com/2023/06/21/michael-jordan-net-worth-selling-majority-stake-hornets/
Published Date: 06-22-2023
Frequently Asked Questions
What is the difference in a technical foul from a flagrant offense in the NBA basketball?
A technical foul is an offense in the NBA for being unsportsmanlike. It can be argued with officials, excessive celebrations or other such behavior. A technical foul results in one free throw attempt, and the opposing team will also receive possession of the ball.
A flagrant foul occurs when a player engages in violent or excessively aggressive physical contact with another player. The flagrant foul results in two free throws for each team and the possession of the ball. Flagrant one is the most severe and Flagrant 2 is the least. Flagrant one is a lesser offense than Flagrant 2 and doesn't result in an ejection.
Any illegal contact between two players is a personal foul. It is usually called for illegal hand-checking, holding, pushing, or tripping an opponent. Personal fouls can also result in free throw attempts and possession of the ball for the opposing team. Personal fouls, though, do not necessarily signify unsportsmanlike conduct, as opposed to flagrant fouls and technical fouls.
In the NBA, all fouls can result in free throw attempts or possession of the ball for the opposing team. The difference between a technical foul and a flagrant or personal foul lies in the intent behind them and the severity of contact committed.
How much are players paid in NBA?
The NBA's average salary for the 2021-2022 seasons is $7.3million. This number is based on the $134million salary cap, which was established for this season. However, individual players' salaries can vary greatly depending on their experience and accomplishments.
Kevin Durant, LeBron James, and Kevin Durant are superstars that can earn upwards of $40,000,000 per year. Newcomers may only be able to make the minimum $898,310 salary. Other veteran players may also be eligible, depending upon their years of experience, for mid-level exemption salaries. These can range from $4.76million up to $9.258million. Players may also be eligible for bonuses and other incentives based on their performance or team success.
What is a buyout?
A buyout agreement in the NBA is between a club and a player. The team agrees that it will pay a portion or all of the contract amount that the player is entitled to. Players can become free agents and sign for any team within the league once their buyout has been completed. The league allows teams to change their roster composition or reduce their salaries during the season.
How much does a NBA ref earn?
Referees for the National Basketball Association (NBA), are paid competitive salaries to perform their officiating duties. The average NBA referee earns between $150,000 and $550,000 per year. The pay scale is dependent on experience. More experienced referees earn higher salaries. Referees in the playoffs and Finals receive higher salaries than referees with additional roles such training new refs or working within the video review department. A few NBA refs also earn royalties and endorsements for their work on television or other media outlets. Overall, being a NBA referee could be a highly lucrative job that can generate steady income for those who are willing to do the hard work.
Apart from a salary, NBA referees receive retirement plans and health insurance. Referees are able to maintain a healthy lifestyle and make critical calls that can affect a game's outcome. Referees may also be eligible for subsidised accommodation, meals, as well as travel to away games. Referees are always striving for perfection on the court, so this can give them additional security.
NBA referees earn a decent salary because of their hard work and dedication. Although the job is not easy, it's rewarding and offers referees the chance to make an impact in basketball.
Which is the greatest rivalry within the NBA?
The NBA's greatest rivalry is between the Boston Celtics (the Boston Celtics) and Los Angeles Lakers (the Los Angeles Lakers).
The NBA Finals' most-matched teams have been the Boston Celtics & Los Angeles Lakers, who met 12 times. The Celtics have won nine out of the 12 meetings. They met for the first time in 1959. However, they continued to excel during the years that followed, particularly in the 1960s and 1980s when they would meet six and three times, respectively. These two teams met twice more in the same time period, even though 2000 was a new millennium.
Who is the best free throw shooter of all time?
The answer to that question is widely debated among basketball fans, but most agree that the best free-throw shooter of all time is Stephen Curry of the Golden State Warriors. With 402. This remarkable player is the record holder for the most 3-point conversions in one season.
Karl Malone holds the record for making the most free throws in a single career with 9,787 of them succeeding. He also has attempted more free throws than anyone else at 13,188 attempts, resulting in a 74.20% success rate.
Statistics
- The 2013–14 season opened with 92 international players on the opening night rosters, representing 39 countries and over 20 percent of the league. (en.wikipedia.org)
- Meanwhile, the opening night rosters include a record-setting 234 players with some G League experience, according to the NBA ( Twitter link ). (hoopsrumors.com)
- Williams would 'likely' accept a deal worth $14-15M/year; Celtics are 'unlikely' to offer such a deal (HoopsHype) (bleacherreport.com)
- As of 2014, 45 percent of its viewers were black, while 40 percent were white, making it the only top North American sport that does not have a white majority audience.[102]As of 2017Democrats than Republicans.[103]Outside (en.wikipedia.org)
- Williams would 'likely' accept a deal worth $14-15M/year; Celtics are 'unlikely' to offer such a deal (HoopsHype) (bleacherreport.com)
External Links
basketball-reference.com
- Thomas Bryant Stats, Height, Weight, Position, Draft Status and more | Basketball-Reference.com
- Dennis Schroder Stats, Height, Weight, Position, Draft Status and more | Basketball-Reference.com
bleacherreport.com
- Which NBA Teams Will Participate in the Victor Wembanyama-Tankathon?
- Latest NBA Intel - Sources Expect Zach LaVine Re-Sign with Chicago Bulls
si.com
- NBA Free Agency Preview: The Biggest Questions and Rumors
- Free From Quarantine: The NBA Bubble Is A Unique Experience
sports.yahoo.com
- Mail, Weather, Search, Politics, News, Finance, Sports & Videos
- NBA Finals Game 1 has the lowest recorded viewing figures in history.
How To
How a photographer at NBA Getty Images captures The Perfect Shot
This article will show you how a NBA Getty Images photographer can capture the perfect shot. The first step in choosing the right place to shoot your photo. Next, choose the best angle in which to shoot your picture. Finally, you need to be able to predict what might happen next.
- Step 1: Selecting the right location
Select the right time and the place where you want to take your photograph in order get the best result. There is a risk of losing the moment if too much activity surrounds you. Also, you want to avoid people blocking your view. Find a spot that isn't blocked so they can't see you taking photos.
You can start taking pictures as soon as you find a good spot. It is always easier for you to move closer and not further back.
- Step2: Choose the Best Angle
After finding the best location, you need to consider the camera angle. This is the second important thing to think about when you are trying to capture a great shot.
Choose a position that gives you a clear view of the subject matter without getting in the way of anything happening. You can look through the basket hoops if you want to capture a basketball player performing a layup. This will give you an excellent frame, without any obstructions.
Next, look for interesting angles. Find one that reveals something about the athlete. An athlete's height will be highlighted by a low angle, while his athleticism will be highlighted by a high angle.
Frames are the last thing you should think about. Framing is how things are placed within a frame. It is important to balance the foreground and background when creating the perfect composition.
- Step3: Anticipating What Might Happen Next
Remember to think ahead. Always be on the lookout for unusual situations, such as someone diving into the lanes or a ball rolling towards he rim. You need to be ready to quickly react. Do not hesitate in calling out "action", or "cut."
When you hear those words, freeze the scene. Then, wait for the action to resume before moving forward again. The scene will be frozen so that you can focus on the shutter button.
This guide will help you to get the perfect shot every time. With practice and patience, you'll be able to master your craft as an NBA Getty Images photographer and take stunning photos that will last a lifetime.
