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.)
