Michael Jordan Once Turned Down a Lucrative Brand Deal Because He Didn’t Want to Say THIS Word
Endorsements for various products is common practice in the entertainment and sports industry which has been around for quite some time. Attaching a product to a rising star or one who’s already at the top of their game is a winning marketing bet for boosting its sales.
The big question, however, is whether celebrities endorse products that they really believe in, or is it all about the hefty paycheck at the end of the day. Unfortunately, we may never know.
Sometimes, though rarely, we may find a celebrity turning down a lucrative endorsement deal, mostly due to the money being offered, but for Michael Jordan it was simply due to the product’s name.
Early on in his career, the packaging company Van Camp approached Jordan to endorse one of their products, the Beanie Weenees. At the time, the superstar was with Chicago Bulls, and he turned down the $1 million-a-year deal.
Can’t and Won’t Say That
By the time Jordan was being approached, he had made some good money for himself, but not that much to warrant rejecting such a lucrative deal at the time.
It was the late ’80s, and he was probably worth $5 million. As such, the decision to turn down $1 million annually must have been difficult, but the player couldn’t just see himself pronouncing Beanee Weenees on TV.
Beanee Weenees is still on the market to this day, proving that the product did well even without MJ’s name propelling it forward. The product is a mixture of hot dog and baked beans, and can be served as a main meal or as a side dish.
Michael Jordan, on the other hand, has shot to financial freedom even after rejecting Van Camp’s money, and is now worth a little over $1 billion. Some sum, huh?
Smart Investment
As are most stars who venture into the entrepreneurial world, Michael Jordan has made smart moves when it comes to his investment decisions.
Acquiring the Charlotte Hornets in 2010 may just be his best investment to date, despite the team not having much success on the court.
He had previously owned a minor stake in the club for roughly four years, but in 2010 acquired almost 90% of it for $175 million. In 2018, Forbes valued the Hornets at $1.05 billion. What a return!!
The increasing club value has seen Michael Jordan’s net worth increase with a $350 million margin in just 12 months, when Forbes previously valued the former player.
Being a billionaire now, Jordan is among the richest individuals on the planet, sitting comfortably at number 1,477. On a planet of over seven billion people, that’s a pretty decent number, we’ll tell you that! He is, to put it literally, swimming in money.
Before acquiring the Hornets, much of Jordan’s profits had his basketball career to thank for. In the 15 years he stepped out on the court, the player earned $90 million for his impressive efforts.
During the same period, and even years after he hung up his boots, Jordan has collectively earned $1.4 million from corporate partnerships, before taxation.
For his Nike deal, Michael Jordan earns well over $100 million, thanks to the brand that continues to dominate basketball.
More in Investments
-
`
Streaming Giant Netflix Faces Yet Another Challenge
In the ever-evolving landscape of streaming entertainment, Netflix, once the unchallenged king of digital content, now faces a complex puzzle beyond...
December 1, 2023 -
`
Signs You Should Quit Your Current Job & Move On
You Don’t Feel Comfortable at Work Imagine spending the majority of your waking hours in a place where you feel uneasy,...
November 20, 2023 -
`
How to Adjust and Renew Your Portfolio
Investing in the financial world is like navigating an ever-changing landscape—constantly evolving, always shifting. The key to staying on track? Regularly...
November 18, 2023 -
`
Dr. Dre’s Divorce With Nicole Young: A Closer Look
When the beats of old-school hip-hop start bumping, Dr. Dre’s name reverberates in fans’ minds worldwide. Born as Andre Young, this...
November 12, 2023 -
`
Why Branded Content Is the Best Way to Connect With Your Audience
Have you ever found yourself deep in a compelling article or engrossed in a video series, only to later discover that...
November 5, 2023 -
`
Why the Gender Pay Gap Could Be Getting Worse | New Research Findings
At a time when women are making significant strides in various professional arenas, a new report throws light on a trend...
October 28, 2023 -
`
What Is a Bull Market and How Can Investors Benefit From One?
In finance, the term “bull market” is frequently used to describe a period of optimism, rising asset prices, and investor confidence....
October 19, 2023 -
`
A-List Power Couples Where the Women Make More Money
In an era of shifting gender roles and evolving definitions of success, it’s increasingly common to find celebrity couples where the...
October 15, 2023 -
`
Massive Price Cuts: Tesla Only Witnesses ‘Modest’ Sales Gain in China
Cutting Down Prices, But Not Cutting the Mustard? Summer 2023 brought with it a promise of sunshine and relaxation. For Tesla...
October 8, 2023
You must be logged in to post a comment Login