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When Michael Jordan betrayed his brother and crushed his dreams with USD 75 Million business venture
Michael Jordan's fame brought opportunities but strained his relationship with brother Larry, resulting in a successful cologne venture and NASCAR team ownership
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Michael Jordan's $75 Million business venture shook his family's dynamics
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From NBA legend to NASCAR owner: Michael Jordan's $150 million stake
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23XI Racing: A blend of Jordan's 23 and Hamlin's 11, with top-notch drivers
Micheal Jordan's success opened doors of opportunity not only for him but also for his immediate family. His global fame became a platform upon which his family members could build entrepreneurial endeavors. However, this dynamic shifted when brothers James and Larry Jordan got involved in the Flight 23 store's financial debacle. Not only did it affect James' reputation within Nike, but it also negatively impacted the family relationship, serving as a vital lesson for Michael Jordan.
Perhaps this event led to Michael feeling distant from his siblings and mother. Michael Jordan's affection for his family dwindled further with the heartbreaking demise of his father. While he still carried love for his family, the bond wasn't the same anymore.
When Larry decided to launch a Jordan-themed perfume, Michael allowed him to proceed without disclosing his plans. In the background, Michael was shaping his cologne brand. Upon discovering his brother's competing product, Larry was crestfallen.
Michael's actions deeply wounded Larry, leaving him in a state of shock. Regardless, Michael was amassing considerable profits from his cologne line, which turned out to be a successful venture. As reported in a 1998 article by Fast Company, the perfume brand raked in $40 million in sales within the first seven weeks of release.
ALSO READ: 'Never seen MJ in the hood': When Tupac Shakur criticized Michael Jordan for forgetting his roots
From the court to the Track: Michael Jordan's NASCAR team
Michael Jordan, the renowned Chicago Bulls icon, wisely leveraged his earnings over time to amass an impressive net worth of $3 billion. Among his diverse investment portfolio, a notable stake is his ownership in the NASCAR team “23XI Racing.” In a surprising move, Jordan partnered with Denny Hamlin, a NASCAR Cup Series driver, to establish the team in 2020. Reportedly, Jordan invested an eye-watering $150 million to claim a majority stake in the team, leaving Hamlin as a minority owner.
As for Jordan's interest in NASCAR, it originates from a lifelong passion for racing. Following his acquisition of part-ownership of the Charlotte Bobcats in 2006, Jordan had the chance to meet Hamlin, then a season-ticket holder for the team, paving the way for a strong friendship. Jordan began endorsing Hamlin via his “Jordan Brand'' in 2013, and their friendship eventually culminated in their collaboration as co-investors in NASCAR.
The name 23XI Racing derives from Jordan's iconic No. 23 jersey number mixed with Hamlin's No. 11 from Joe Gibbs Racing (displayed in Roman numerals). As of 2023, the team incorporates the No. 23, 45, and 67 Toyota teams, driven by Bubba Wallace, Tyler Reddick, Travis Pastrana, and Kamui Kobayashi.
ALSO READ: Steph Curry reacts to Michael Jordan and Magic Johnson as they oppose his Goat Point Guard claim
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