Michael Jeffrey Jordan is Chairman and majority owner of the NBA's Charlotte Hornets, which he purchased from BET founder, Robert L. Johnson in 2010. He joined the NBA's Charlotte Hornets ownership group as a minority owner in June 2006, serving as the team's Managing Member of Basketball Operations.
He is only the third Black American and the first NBA player to become a Billionaire.
He is the first former NBA player and only the second Black American to be the majority owner of an NBA franchise.
Mr. Jordan is ranked as the 1741 richest person in the world. His net worth is estimated by Forbes magazine at $1.1 billion from his 89% stake in the Hornets, endorsements deals and $90 million in salary from the Bulls.
Mr. Jordan increased his ownership stake in his basketball team to 89.5% from 80%. His majority ownership stake in the Charlotte Hornets was approved by the NBA on March 17th, 2010.
Mr. Jordan earned an estimated $80 million last year from corporate partners Nike, Gatorade, Hanes, Upper Deck, 2K Sports, Presbyterian Healthcare and Five Star Fragrances. His other assets include six restaurants, a North Carolina car dealership, a motorsports team.
The Jordan Brand, a division of Nike, is responsible for the vast majority of Mr. Jordan’s earnings. The Jordan Brand made its debut in 1997 and has grown into a complete collection of performance and lifestyle products with Mr. Jordan's creative design input. The company is reported to now generate more than $60 million in annually royalties for Mr. Jordan.
The Jordan Brand sneaker business generates more than $1.75 billion globally in wholesale revenue in 2012. LeBron James is the top-seller among current NBA players with signature shoe deals, but Jordan outsold James by a 6 to 1 margin in 2012 in the U.S.
As one of the world's most popular and recognizable figures, Jordan's endorsement portfolio includes Gatorade, Upper Deck, Hanes, Nike, Coca-Cola, Chevrolet, McDonald's, Ball Park Franks, Rayovac, Wheaties and MCI. Jordan has had a long relationship with Gatorade, appearing in over 20 commercials for the company since 1991.
In 2004, Jordan formed Michael Jordan Motorsports as a result of his passion for motorcycle racing. Among Jordan's other business ventures are several thriving restaurants.
Jordan supports many charitable causes including the James R. Jordan Boys and Girls Club in Chicago, the Jordan Institute for Families at the University of North Carolina, the Make-A-Wish Foundation and many others through the M & J Endowment Fund. His annual Michael Jordan Celebrity Invitational golf tournament has raised more than $2 million for several worthy charities since its inception.