Michael Jordan is said to have inked a staggering $40 million annual agreement to function as a “special contributor” for NBC’s NBA broadcasting this autumn.
“An iconic addition to our roster! We’re excited to bring on Michael Jordan as a special contributor to the NBA on NBC and Peacock,” NBC shared in a message on X.
This marks the first occasion that Jordan has participated in NBA coverage in a contributor role.
The atypical contract has led to speculation regarding Jordan’s financial situation, suggesting he may be in dire need of money.
Rumors dating back to 2020 indicate that Michael Jordan faced financial difficulties, attributed to poor investments and unresolved loans, as well as gambling debts.
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The former Chicago Bulls legend, now 62, offloaded his majority ownership in the Charlotte Hornets for an estimated $3 billion to settle his financial obligations.
Reports suggested that Jordan suffered a loss of $500 million due to “shorting” GameStop shares in either 2020 or 2021. His net worth reportedly dropped from $2.1 billion to $1.6 billion on paper.
In the world of investing, when one “short-sells” stocks, they borrow shares from a brokerage firm, then sell those borrowed shares in the market while anticipating a decline in stock value.
Should the stock price diminish, the investor repurchases the stocks at a reduced rate, returns them to the brokerage, and keeps the profit from the initial sale.
However, if the stock price unexpectedly rises, the brokerage might issue a “margin call” demanding the stocks’ return at the original sale price.
It is rumored that Jordan lacked the GameStop shares or the $500 million cash needed to cover the brokerage’s demands.
If the investor (Jordan, in this case) does not possess the shares or cash, the brokerage may put a hold on his cash accounts and other assets to recover the owed amount.