Michael Jordan, a prominent figure in the realm of sports, stands among the wealthiest athletes globally. With a staggering net worth of $2 billion, his financial success is greatly attributed to his exceptional performance on the basketball court. Nevertheless, a substantial portion of his wealth stems from his numerous endorsement agreements. This substantial influx of earnings can be attributed to the meticulous cultivation of his public image, as highlighted in The Jordan Rules, which resulted in his $3 million salary quadrupling. Consequently, Jordan became acutely aware of the impact his public image had on his financial prospects.
MJ’s first endorsement deal came in 1984 when he signed with Nike. It was an unprecedented deal that saw him sign a five-year contract worth $2,500,000. Moreover, the deal also saw him earn a percentage of revenue from the sales of his Jordan Brand products. Six years later, companies flocked toward him, greatly increasing his outside income.
Michael Jordan was very conscious of his public image given the vast amounts of money he was earning off the court
Six-time NBA Champion Michael Jordan is one of the most recognizable figures in the world. This is partly due to the image he has cultivated for himself over the years. Considered by many to be the ideal role model, Jordan is often associated with success, victory, competitiveness, and hard work, along with a host of other attributes.
This translated well off the court, leading to him receiving several endorsement deals. Companies like Wheaties, McDonald’s, Chevrolet, and Nike all lined up for his signature, and this was all thanks to his persona.
In fact, in 1990, it was revealed that Jordan earned more outside basketball than he did playing it. At the time, His Airness was tied to a seven-year deal with the Chicago Bulls. One that saw him earn an average of $3,000,000 a year. But, with his endorsements, MJ earned quadruple that, raking somewhere close to $12,000,000 annually.
“Jordan carefully cultivated his image, maintaining an air of affability while the media fed a Jordan-crazed public a series of well-crafted cliches. It was a formula that played in Peoria, with sponsors like Wheaties, McDonald’s, Chevrolet and Nike lining up to quadruple his $3-million-a-year basketball salary in outside income.”
Michael Jordan makes more money from endorsements alone ($130M/year) than any current athlete makes from salary+endorsements, including Lionel Messi and Cristiano Ronaldo.
Fast forward 30 years, and Jordan now reportedly earns close to $130 million from endorsements alone. So, given the power he wielded back then, it’s no surprise the Bulls yielded later on. After all, his last two seasons with Chicago saw him earn over $30,000,000.
MJ earned $30,000,000 per year in his last two seasons with the Bulls
Given how popular Jordan was it was only natural that he would command a bigger salary in his later years. So, when he returned to the Bulls after his two-year hiatus in 1996, Jerry Reinsdorf was forced to shell out the big bucks. Michael Jordan earned over $30,000,000 in his last two years with the Bulls.
At first, there was doubt surrounding the deal. Especially considering how out-of-pocket the contract was. But, he didn’t disappoint, delivering a championship in both the 1996-1997 season and the 1997-1998 season.
MJ’s success both on and off the court propelled him into a class of his own. It further allowed him to expand his influence and now he is regarded as one of the greatest athletes of all time.
