Michael Jordan is, without an iota of doubt, financially the most successful athlete in history. He is, what some would consider, a tycoon. Worth some $2.2 billion, he is literally Shaquille O’Neal’s net worth ahead of Vince McMahon who holds the title of the second richest athlete.
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Last year, in 2022, Michael Jordan made $256 million through his various business ventures. However, despite all his wealth and business ventures, MJ is an NBA legend foremost. Playing for the Bulls jumpstarted his empire.
But you’d be disappointed if you believe he was paid what he was worth. Michael Jordan was shockingly underpaid.
Michael Jordan was criminally underpaid for the first 12 Seasons
To quantify how underpaid Jordan was, consider the contrast in his salary between the first 12 seasons and the last 2 seasons with the Bulls. In fact, if not for his last 4, he wouldn’t even have cracked the $30 million mark.
There were two reasons for this. One, Michael’s contract with Nike was so exorbitant, that the Bulls paycheck was insignificant in the grand scheme of things. Two, Jerry Reinsdorf was an owner who disliked parting with his money. Whether it was Michael Jordan or Scottie Pippen, Jerry was unfair to his star athletes. Especially the Batman and Robin of Chicago.
Imagine, you are the greatest player the world has ever seen, dominating at the highest level possible and still, your owner does not believe you deserve the best contract in the league. Not even an average contract.
In his book Michael Jordan: The life, Roland Lazenby wrote of Reinsdorf’s reluctance to pay Jordan:
“Jordan, however, was also well aware of Reinsdorf’s reluctance to let go of money. The star believed a drawn-out negotiation would only demean what he had accomplished for the Bulls.”
Fortunately, Jordan was fiercely loyal to the Bulls. But in his 12th season, Michael Jordan finally pushed Jerry Reinsdorf to increase his salary. But things didn’t go too smoothly.
Jordan considered a deal with the New York Knicks
When at first Michael anticipated a pay hike, Reinsdorf shrugged off his demands. He dragged out the negotiations. An irritated Jordan began negotiations with New York in the meanwhile. This left the Bulls owner fuming.
He lashed out and threatened to sue the Knicks and Jordan. In the end, he knew better than to pursue his threat. Michael and his legacy were too valuable to be tainted this way. Reinsdorf, at last, relented and gave Michael a major pay boost. MJ earned $63 million in the last two seasons with the Bulls.
