Michael Jordan’s $36,000,000 Rejection Led to Phil Jackson Snubbing Bulls Owner’s ‘Generous’ Proposal: “Offer Was Unconditional”

In 1998, Michael Jordan announced that he would be retiring from professional basketball. However, Chicago Bulls owner, Jerry Reinsdorf was desperate to have him stay. So, he offered him a $36 million contract. Unfortunately, MJ had no interest, and his rejection led to head coach Phil Jackson snubbing a chance to stay with the team.

Following the Bulls’ sixth championship win, MJ made it clear that he was done with basketball. This was his second official retirement, having first retired back in 1993. But, this time it seemed as though he was finally done.

At this time, Chicago was coming off their second three-peat and Reinsdorf was desperate to keep the gang together to try and win at least another ring. However, as revealed in Michael Jordan: The Life, the White Sox and Bulls owner was brutally rejected. By both, his star and his head coach.

Both Michael Jordan and Phil Jackson rejected Jerry Reinsdorf’s pleas for them to stay

There can be no denying, that the 1990s were an era dominated by the Chicago Bulls in the NBA. 6 Championships in 10 years speaks for itself. And, in 1998, Michael Jordan helped hang up the sixth banner in the United Center. But, as is well known by now, this was the last season of the Bulls dynasty.

Why? The easy answer is Jerry Krause. The Bulls GM was desperate to revamp the squad and his first course of action was to get rid of the franchise’s championship-winning coach Phil Jackson. This didn’t sit well, with the rest of the roster, especially Jordan. So, 1998 saw the tragic end of an era, as MJ chose to retire for the second time.

In spite of Krause’s adamance, Bulls owner Jerry Reinsdorf wasn’t ready for things to end so quickly. So, he offered Jackson the chance to stay. But, the Zen Master wasn’t interested and insisted on taking a step back. This, in addition to Michael refusing a $36 million contract offer, was a huge blow for Reinsdorf and Chicago. Here is what was said in the book, Michael Jordan: The Life.

“Reinsdorf said that he returned to Chicago and asked one more time. “Wednesday night after the title we had our office celebration, I sat down with Phil and told him, ‘If you’ve changed your mind, we want you back.’” The offer was unconditional, and it stood regardless of whether Jordan returned, Reinsdorf said. “Phil said, ‘That’s very generous.’ I told him, ‘Generosity has nothing to do with it. You’ve earned it.’ He took a deep breath and said, ‘No, I have to step back.’” Reinsdorf also said that he had assured Jordan that if he wanted to play, his one-year contract (in excess of $36 million) would still be there.”

It certainly would have been something if they stayed. After all, Reinsdorf’s offers came from a good place. However, he wasn’t always the nice guy he’s portrayed to be.

Jerry Reinsdorf once threatened to sue both Jordan and the New York Knicks

To most people, the Last Dance made Jerry Reinsdorf seem like the most sane of the pairing of himself and Jerry Krause. However, the Bulls owner had his bad side as well. Back in 1996, Michael Jordan’s contract with the Bulls expired, and when it came to negotiations, Reinsdorf was a pain.

In fact, he was stubborn about giving MJ an extra $30 million, that His Airness considered leaving for the New York Knicks. So, Jerry threatened to sue both of them.

It’s clear to see that the management of the Bulls was in a far worse state than one could imagine. Safe to say, they were very lucky they had Michael Jordan for all those years.