Since hanging up his signature sneakers, basketball legend Michael Jordan has been focusing his attention on conquering the business world. And it’s worked.
Back in 2015, the NBA Hall of Famer joined the billionaires club, thanks to his investment in the Charlotte Hornets. Today, Jordan owns approximately 90 percent of the franchise, and his lucrative deals with Nike, Hanes, and Gatorade continue to pay hefty dividends years after he retired from the league.
Monday, Jordan announced he—along with corporate donors like Bank of America and Lowe’s—are investing $500,000 into the community that supports his team.
“When I took over majority control of the team, one of the biggest impacts I wanted…was to reconnect back to the community,” Jordan said on Monday during the team’s annual day of community service. “I felt (that connection) was lost a little bit with the previous ownership, and I felt it was very important.”
Jordan continued: “Six years later, here we are…I am very proud of the commitment of the organization to the community. My dedication, my drive, is to continue to connect with this community.”
Since taking over as majority owner of the Hornets from BET founder Robert Johnson, Jordan and the team have invested more than $3 million into the community. In 2010, he donated $250,000 to save Charlotte-Mecklenburg Schools’ middle school sports programs, and now he’s turning his attention to literacy.
According to the Charlotte Observer, the $500,000 investment will include funding for the Charlotte-Mecklenburg Library Foundation, Freedom School Partners, Child Care Resources Inc., and CrossRoads Corp. Jordan and the team also plan to help build 18 libraries around the city and donate thousands of books.