How Michael Jordan made $90 million in 2013
He's still the NBA's biggest star 11 years after leaving the game, and is on his way to billionaire status.
Like all the Jordan retro releases, this one was highly anticipated, and first-day sales hit $35 million.
For perspective, in all of 2013, Adidas sold $40 million in the U.S. of the signature shoes of its top star, Derrick Rose. The Bulls' current star guard isn't the only one operating in the shadow of Jordan. Reigning MVP LeBron James is the top seller among current NBA players with $300 million at retail last year for his Nike shoes, according to data tracker SportsOneSource.
Jordan crushed those numbers with $2.25 billion in U.S. retail basketball sales in 2013. It has been more than a decade since Michael Jordan last appeared in an NBA uniform, but MJ most certainly has still got it.
"Nike has made an art form of unrequited demand," says SportsOneSource analyst Matt Powell regarding the retro releases. "Making sure that there is supply well below demand keeps things fresh."
If you factor in sales of Jordan apparel, the international Jordan business and sales at Nike stores, the Jordan brand is contributing roughly $2 billion of revenue to Nike, which posted sales of $26 billion over the last 12 months. Jordan, the man, gets a cut of every shoe, hoodie or pair of shorts sold by Nike under the Jordan Brand. We estimate MJ's take from Nike was at least $75 million last year. "Given that he is the name that launched the brand, you could argue that he deserves more," says Phil de Picciotto, founder and president of Octagon. "Jordan is the perfect athlete."
The team benefits from the new collective bargaining agreement that reduced the players' cut of revenues from 57 percent to 50 percent. The CBA also tripled the revenue sharing going from the NBA's haves to have-nots. Charlotte is one of the biggest beneficiaries, with revenue sharing that should reach $18 million a year.
The value of the Bobcats, which Jordan owns 80 percent of, was up 30 percent over the last year to $410 million in Forbes' latest look at the business of basketball. Mark Cuban thinks every NBA team will be worth $1 billion within 10 years. We estimate Jordan's current net worth at $750 million. His earnings prowess shows no sign of letting up and should land him a spot on Forbes billionaire list in the coming years.
I continually wonder why these mega-millionaire athletes, entertainers and celebrities aren't taking a section of the money they pay in taxes and opening minority schools where gangs and no-gooders are kept out. Public schools have to allow every loser in because they are government funded. This is one of the reason why so many people are now sending their children to private religious schools if they can afford it. Religion isn't even a big deal but necessary to get sanctioned. Trouble makers are told to go away and that's the end of it- no parents suing or organizing marches.
Private schools can expect their students to behave and not have teachers spend half their time dealing with discipline problems. In many cases the pay is low but the quality of life worth it plus you aren't dealing with a hierarchy of waste and corruption. Look at Detroit charging millions for non-existent computers and other equipment. The academic levels have proven time and again that the quality of education is above the public school level.
So, the next time you watch a star on TV talk about their coming from the 'hood', wonder how much they have given back from their millions to improve conditions. Even Oprah makes sure everyone knows she is supporting a girl's school in Africa (which is good) but she could organize celebrities to give to a school in the worst sections of LA or Chicago, etc. Cities with up to 6 major sports teams (football, baseball, basketball, hockey, soccer.... ) could take 1 percent of their collective income and support whole school districts. It's tax deductible too so they wouldn't lose a penny.
Maybe instead of adopting a baby from Africa like all the other celebrities, they could take one minority child in the US out of poverty. It wouldn't get as much publicity but shouldn't charity start at home. Donating to all those overseas charity TV ads sees only pennies on the dollar ever reach the intended people. You have some person and their associated hierarchy making 6 figure incomes along with associated perks.
The G.O.A.T still G.O.A.Timeing..
Lebron? Kobe? Get outta here....
That's like saying it's hypocritical to be a Billionaire Republican and a Christian. It has never been about folks having too much, a person can have as much as they can EARN without depending on Too Big to Fail and Too Big To Jail. Then all the Government handouts to the Wealthy, That's what most folks are referring to, not the propaganda your type spreads.
Concerning Jordan, regardless of whether he's dirt Poor or filthy Rich, he's a Jerk. That's what most people don't like, it has little to do with his Wealth. Then there's the issue of any company selling Shoes at that price. What a freaking ripoff. Yet idiots continue to buy them. That's more a reflection of a Society that's clueless. But sure, go ahead and spread your propaganda, that's all your type really have.
Doesn't it seem to be hypocritical to be a billionaire and a Democrat at the same time? To me there seems to be something intrinsically wrong with saying the rich have too much when you are rich themselves. Just like Jesse Jackson or Al Sharpton complaining about people not paying enough taxes when they themselves do not ANY pay taxes. I guess you have to be a Democrat to understand it.
he has too much money! noone needs that much! he didnt earn that money, someone else made that happen!
pay your fair share jordan, you greedy hoarder!
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[BRIEFING.COM] At midday, the Dow Jones Industrial Average (+0.2%), Nasdaq (+0.3%), and S&P 500 (+0.1%) hold slim gains, while the Russell 2000 (+0.6%) outperforms.
Like yesterday, the overnight session was free of any broad developments, which allowed the focus to turn toward the next batch of earnings in the U.S. In general, most of the reports received since yesterday's closing bell have surpassed expectations, but there were a few noteworthy disappointments too.
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