Currently, Michael Jordan is among the wealthiest athletes and entrepreneurs. He only became a billionaire, courtesy of his company, the Jordan brand. His commercial endeavors outside of basketball are numerous and diverse.
His Airness leads a life of grandeur, which is obvious from some of the outrageous expenditures he has purchased throughout his life.
Michael Jordan, who is worth $3.5 billion now, after the sale of the Charlotte Hornets, has made investments of the sum of $150 million in the NASCAR team 23XI Racing. He is the team’s primary owner, with NASCAR veteran Denny Hamlin serving as a minority investor. The NASCAR Cup Series team 23XI Racing was established in 2020, and since then, it has only had one victory, which occurred in 2021 at Talladega Superspeedway.
The former Chicago Bulls guard has been a devoted follower of NASCAR since he was a little boy, frequently going to the racetrack with his father. And so, Jordan couldn’t pass up the chance of holding a NASCAR team, so he partnered with veteran Denny Hamlin and spent $150 million in 23XI Racing.
Denny Hamlin convinced Michael Jordan to invest in a NASCAR team
The 23XI Racing squad that participates in the NASCAR Cup Series is co-owned by racing legend Denny Hamlin and NBA legend Michael Jordan. The narrative of how Jordan decided to enter the motorsports industry is fairly fascinating, even if the team founded by golf mates is already in its third year of operation.
Jordan has a $2 billion projected net worth, making him one of the wealthiest athletes in the world. The former Chicago Bulls player has established a track record for himself in the corporate world by making investments in a variety of industries. While the vast majority of his financial actions were calculated, his business’s judgment to enter the racing industry was the result of an entirely different circumstance.
— NASCAR (@NASCAR) September 22, 2020
Denny Hamlin, a NASCAR driver competing for Joe Gibbs Racing, and Michael Jordan both were interested in making investments in a racing team due to the increasing recognition of auto racing in the United States. Initially, both wished to invest in Richard Petty Motorsports.
The media promptly linked Jordan and the NASCAR champion when he expressed a keenness to own a team.
Unexpectedly, Hamlin then admitted that the Basketball Hall of Famer had collaborated with him because of these rumors. He said that their target was just to spread erroneous data as fact.
23XI Racing was founded in 2020 as a result of rumors, with Jordan investing $150 million as the majority owner and Hamlin acquiring a minority position. Hamlin acknowledged that even with a reduced ownership share, having his golf partner as a shareholder provided him more power.