Michael Jordan is arguably the best basketball player ever; his Airness holds almost every record possible. His abilities on the courts are legendary. Now that he is the majority owner of the Charlotte Bobcats, can he perform similar magic in making the Bobcats winners as he did with the Chicago Bulls?

As a basketball star and sharp promoter, Michael made millions. As an owner, he can either make millions more or lose much of his fortune. The clock is ticking.

IN PICTURES: March Madness MVPs - Where Are They Now?

  • 3 and 3: Michael won two three-peat NBA championships each time with the Chicago Bulls. The first three came in 1991, 1992 and 1993. The next three were in 1996, 1997 and 1998. He won the NBA finals MVP award six times.

  • 5 and 10: Five Most Valuable Player (MVP) awards and 10 All-NBA First Team designations.

  • 30.12 and 33.45: Over his career Michael averaged 30.12 points per game, the highest ever. He also holds the career playoff scoring average with 33.45 points per game.

  • 1984: Drafted by the Chicago Bulls in the first round with their third pick in the 1984 NBA draft.

  • 1985: Nike introduced the Air Jordan sneaker in 1985, helping to drive the success of the Nike Company (NYSE:NKE). The Jordan brand generates hundreds of millions in sales for Nike.

  • $500 million: The reported net worth of Michael Jordan before his divorce. Michael earned more than $90 million in salary as a player. The rest of his income came from endorsements with such brands as Nike, Gatorade, Wheaties, McDonald's (NYSE:MCD), Coca-Cola (NYSE:KO), Chevrolet, Rayovac and Hanes (NYSE:HBI). He remains a spokesperson for several of these companies today.

  • $278 million: The value Forbes placed on the Charlotte Bobcats in December 2009 before Michael Jordan bought the remaining portion of the team he did not own. Bob Johnson, the owner then, was under pressure from his creditors to sell the team.

  • $175 million: According to Forbes, this is the price Michael paid for the Charlotte Bobcats. He also assumed about $150 million in debt. Jordan will have to turn around the money losing operation quickly as Michael does not have the deep pockets of many NBA owners who are billionaires.

Jordan has a mixed record building a competitive team. While an executive with the Washington Wizards, he drafted Kwame Brown number one overall in the 2001 draft. As a part owner and rumored to have a significant say on basketball decisions for the Bobcats, in 2006 he selected Adam Morrison with his third pick in the draft. Both were disappointing picks. However, the Bobcats made the 2010 NBA playoffs, an indication that Michael's basketball decisions and more importantly the team are improving. Now he must address the bottom line of the franchise as well. (Learn more about athletes owning sports franchises, read Sports CEOs: For Better Or For Worse.)

Bottom Line
The real key to Michael's success in Charlotte is if he can reverse the outflow of cash. Jordan is a hero in North Carolina. To turnaround the Bobcats fortunes, he needs to leverage his public reputation while operating the team as a business. Watch the attendance figures for the 2010-2011 season. If they reach the 19,000+ capacity of the TimeWarner Cable Arena, Michael is on his way to being a winner again. (For more, see For Athletes, Is There Life After Sports?)

Catch up on the latest financial news, read Water Cooler Finance: Shocking Court Rulings, Sinking Markets.

Related Articles
  1. Economics

    Management Strategies From A Top CEO

    Jack Welch is a legend in the business world: during the two decades he was CEO of General Electric, the company’s value rose by 4000%.
  2. Investing

    From Supermodel to Entrepreneur: Gisele Bündchen's Sejaa Pure Skincare

    As one of the highest-paid models in history, Bündchen has turned her name and image into a worldwide brand, and Sejaa is part of her massive empire.
  3. Investing News

    Learn from These Big CEO Blunders

    A ceo can seem to have it all: power, influence and gravitas. But it can all erode — along with a company’s share price — in the wake of a scandal.
  4. Investing

    Oprah Takes a Big Bet With Weight Watchers

    Does "The Oprah Effect" still work, and can Winfrey reinvigorate a brand that's been struggling for years?
  5. Investing

    11 Top Celebrity Restaurants

    These 11 celebrities may come from a variety of industries but they have all seen the allure of the restaurant business, both high-end and low-end.
  6. Investing News

    Celebrities Who Opened Their Own Businesses

    From Gwyneth Paltrow's Goop to Jessica Alba's "Honest" products, a look at celebrities who have become entrepreneurs.
  7. Investing

    How Gordon Ramsay Built His Restaurant Empire

    Gordon Ramsay is already well-known as a successful media personality. But he is also a hardened businessman, who has turned failure into success.
  8. Investing News

    Top Entrepreneurs Who Started As YouTube Stars

    Who are the celebrities who have made it big on YouTube, and how did they accomplish it? Investopedia takes a look.
  9. Retirement

    Why Some Celebs Say 'No Inheritance for My Kids'

    To some of the super rich, inherited wealth is not the ultimate gift, it's a burden. Here's how their children—as well as charities—stand to benefit.
  10. Investing

    Kevin O'Leary Biography

    Kevin O'Leary is a television personality, businessman and investor from Canada. A brash public personality with a net worth of roughly $300 million, he is considered to be the Canada’s answer ...
  1. Which professional athletes are on pace to join Michael Jordan as billionaires?

    Michael Jordan is perhaps one of the most well-known and richest athletes in the world. However, two notable athletic giants ... Read Full Answer >>
  2. Why is Manchester United (MANU) carrying so much debt?

    The takeover of Manchester United by the Glazer family beginning in 2005 saddled the historic club with substantial amounts ... Read Full Answer >>
  3. What are Manchester United's (MANU) largest revenue sources?

    Manchester United is one of the most popular U.K. soccer teams. Its principal stadium is Old Trafford, located in the heart ... Read Full Answer >>
  4. Does Manchester United (MANU) own Old Trafford stadium?

    Old Trafford Stadium was built for and is currently still owned by Manchester United Football Club (Man Utd.). This means ... Read Full Answer >>
  5. What's the biggest sports endorsement deal ever signed?

    According to Forbes, basketball player Derrick Rose holds the largest endorsement deal as of 2014; the deal is for more than ... Read Full Answer >>
  6. What are the biggest stadium naming rights deals of all time?

    The top three stadium naming rights deals of all time were all for stadiums hosting New York City teams. The largest was ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Barefoot Pilgrim

    A slang term for an unsophisticated investor who loses all of his or her wealth by trading equities in the stock market. ...
  2. Quick Ratio

    The quick ratio is an indicator of a company’s short-term liquidity. The quick ratio measures a company’s ability to meet ...
  3. Black Tuesday

    October 29, 1929, when the DJIA fell 12% - one of the largest one-day drops in stock market history. More than 16 million ...
  4. Black Monday

    October 19, 1987, when the Dow Jones Industrial Average (DJIA) lost almost 22% in a single day. That event marked the beginning ...
  5. Monetary Policy

    Monetary policy is the actions of a central bank, currency board or other regulatory committee that determine the size and ...
  6. Indemnity

    Indemnity is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability ...
Trading Center