Michael Jordan’s Telling Response When Finding Out Cost of Signing NASCAR Driver
NBA legend Michael Jordan gave a revealing insight into his fortune after being told the cost of signing a NASCAR driver.
Jordan, who made his name at the Chicago Bulls, winning six championships, has since expanded his involvement into other sports.
In 2010, he purchased a majority stake in NBA side Charlotte Hornets, which he sold in 2023 for a significant profit.
Jordan also co-owns a NASCAR team, 23XI Racing, alongside American racing driver Denny Hamlin.
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This week, 23 XI Racing and another team, Front Row Motorsports, sued NASCAR for alleged monopolistic and anticompetitive practices.
As per Joe Pompliano, they claim NASCAR illegally used its monopoly to control the sport's financial structure, limiting team revenue and stifling competition.
The trial offered a rare glimpse into the financials required to run a team and how much Jordan has personally invested.
Over the past five years, he has put $40 million of his money into 23 XI Racing, with around $20 million needed each year to run a NASCAR Cup Series car.
The trial also revealed some notable emails and texts.
In one, Jordan dismissed the cost of signing a driver, telling his financial advisor: “I have lost that in a casino. Let’s do it.”
The NBA icon is one of the richest celebrities in the world, with Forbes estimating his net worth at $3.8 billion.
He earned roughly $90 million through his playing contracts, and approximately $2.4 billion from sponsorships, including his partnership with Nike.
Last week, the former basketball star spent time in a courtroom in Charlotte, North Carolina testifying in the antitrust trial.
On December 11, NASCAR confirmed it had reached a confidential settlement agreement with both Front Row Sports and 23 XI Racing.
In a joint statement they wrote: “Nascar, 23XI Racing, and Front Row Motorsports are pleased to announce a mutually agreed-upon resolution that delivers long-term stability and creates the conditions for meaningful growth for all teams in a more competitive environment."
They added that the financial terms of the settlement are confidential and will not be disclosed.
Jordan also issued his own statement, saying: “From the beginning, this lawsuit was about progress.
“It was about making sure our sport evolves in a way that supports everyone: teams, drivers, partners, employees, and fans.
"With a foundation to build equity and invest in the future and a stronger voice in the decisions ahead, we now have the chance to grow together and make the sport even better for generations to come.”
Topics: Michael Jordan, NBA, Basketball
James Taylor