Michael Jordan and the Jordan brand are major money makers in the clothing and shoe industry, but in 2020, they had to face off a $30 million lawsuit.
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The NBA GOAT has compiled an incredible list of stories from his playing days in the NBA, from elite level trash talking, to incredible tales of how wildly competitive he was, to of course, his general basketball dominance.
All these things combined have given Jordan his GOAT status. His accolades, championships, and struggles are all remembered side by side with the stories of how he reached there.
He’s also a big businessman now. From investing in the right businesses to owning the Charlotte Hornets, and of course, his Jordan brand. Jordan’s royalties with Nike is probably his biggest money maker.
Jordan has also made a series of great investments that have netted him great profits. From brands like Coca-Cola, Wheatie’s, Chevrolet, Gatorade, and Hanes, he’s managed to reach a $2.1 billion net worth.
Michael Jordan still competes in competitive sports.
He owns the Charlotte Hornets, an $8M boat that he uses in fishing tournaments, and one of the country’s most exclusive golf clubs.
But today’s email breaks down his latest investment in NASCAR.
Read: https://t.co/WhhuFamdXv pic.twitter.com/Pawo33qzY3
— Joe Pompliano (@JoePompliano) October 5, 2021
Also Read: Charles Barkley’s self-destructive behavior led to a $700,000 payday
Michael Jordan and Nike were sued for $30 million for stealing a brand’s symbol
Jordan makes a lot money from the Jordan brand. His deal with Nike earns him a 5% royalty on for each Air Jordan sale which nets him $150 million a year.
However, in 2020, the brand ran into some trouble when Light Royalty and its founder Rocco Giordano sued them for $30 million for stealing their 6 level’ star emblem.
Giordano was “flabbergasted to be taught that the fruits of his labor had been getting used with out his consent for earnings by one of many largest attire corporations on the planet.”
Light Royalty or Giordano declared that they never consented to the usage of the emblem by Nike. “The defendants [have] profited off of their unlawful and infringing use” of Giordano and Light Royalty’s emblem, the lawsuit claimed.
Alongside claims of copyright infringement, the company claims of false designation of origin, unfair competitors, unjust enrichment, and misleading practices, bringing up the total $30 million.
