How Michael Jordan became the world's richest athlete
Nike built the Jordan Brand into a massive standalone business with $3.1 billion in wholesale revenue in the fiscal year ending May 2019, up 10% from the prior year. Even with the coronavirus impact, sales in the current fiscal year will likely be greater, according to recent reports from Nike. The company said the brand had its first billion-dollar quarter in late 2019 and highlighted Jordan as a driver of growth in the latest quarterly results.
Michael Jordan's Q Score, which measures celebrity appeal, is highest among teens thanks to his shoe brand.“What’s most exciting is we’re still in the early stages of diversifying the Jordan portfolio,” former CEO Mark Parker said . “And we’ve continued the momentum into Q3 with a significant holiday launch of the Jordan 11 ‘Bred,’ meeting demand for one of sneaker culture’s all-time favorites at an incredible scale.”Zion Williamson, Jayson Tatum and Rui Hachimura wear it on the court. Nike’s share of the U.S. basketball performance shoe market—which includes the Jordan Brand—was 86% in 2019, according to market research firm NPD. It has a 96% share of the broader lifestyle basketball category.
His investment was just in time for an explosion in team values triggered by three major events: a new collective bargaining agreement that cut players’ share of revenue to 50% in 2011, from 57%; the Ballmer bump, which came after former Microsoft CEO Steve Ballmer paid $2 billion in 2014 for the Los Angeles Clippers, more than three times the previous record NBA price; and a new NBA TV deal with ESPN and TNT that tripled the value of the previous pact.
Jordan cashed in some of his Hornets equity in September when he agreed to sell roughly 20% in the team at a
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