At his second NBA retirement press conference in January 1999, Michael Jordan announced he would step away from the game. With that came the question of what the then-reigning Finals MVP planned to do with his time. His Airness spoke wistfully about normalcy, about finally, after years in the spotlight, getting a chance to enjoy some of life's simpler things.
While Jordan, 35 at the time, envisioned a quieter stretch, David Stern saw it a little differently. At that same press conference, the longtime NBA commissioner offered his own sense of what might lie ahead.
"I'm sure Michael is busy exploring the limits of capitalism," Stern remarked , per the Washington Post.
Stern's remark had some bite to it, a little humor. But like most jokes, it held truth. You could even call it prophetic. The former commissioner, who passed away in early 2020, likely saw it coming for a couple of reasons.
For one, he had a sharp eye for these things — something you need as commissioner. Just as important, the late New York native understood how big Jordan already was, not just on the court but in the way his persona could be — and already was — marketed and sold.
And in Stern's mind, that was only going to grow once the six-time NBA champion had more time to lean into it, no longer tied to playing for the Chicago Bulls .
Of course, MJ wasn't going to throw himself into it 100 percent. Still, you can only relax so much in your free time and it was pretty clear he wouldn't stop there. Given his competitive nature — something that doesn't just go away — it was easy to assume and Stern did, that Jordan would put some energy into another field. And that field was business.
MJ, as a marketing force, took shape years earlier. Most trace it to 1984. Nike signed the Bulls' rookie to a revolutionary five-year $2.5 million deal. That created Air Jordan.
First-year sales reportedly hit $126 million, despite MJ missing 62 games the following season due to a broken foot. By 1998, Fortune pegged the "Jordan Effect" at $10 billion. That covered NBA attendance ($165 million boost), TV rights ($366 million) and merchandise. Bulls gear owned 25% market share.
Ultimately, it's hard to measure Jordan's business impact after his 1999 retirement and 2001 return. Still, Stern nailed it. He really did push capitalism's limits.
Jordan bought a majority stake in the Charlotte Bobcats (later the Hornets ) in 2010 for $175 million, timing it before a "perfect storm" of rising franchise values. The 2011 CBA stabilized league economics, TV deals surged, and global growth accelerated, while deals like Steve Ballmer's $2 billion purchase of the Los Angeles Clippers reset the market.
These forces lifted valuations across the league without His Airness needing to do anything operational. By 2018, Forbes valued the Hornets at $1.05 billion . Around five years later, the Hall of Fame swingman sold his majority stake in the franchise for approximately $3 billion to a group led by Gabe Plotkin and Rick Schnall.
As for Stern's comment on capitalism, it echoes Jordan's earlier stance during the 1990 North Carolina Senate race between Harvey Gantt and Jesse Helms. Back then, the basketball icon declined to endorse Gantt and reportedly said , "Republicans buy sneakers too."
This story was originally published by Basketball Network on Apr 27, 2026, where it first appeared in the Off The Court section. Add Basketball Network as a Preferred Source by clicking here.
