Michael Jordan’s signed 1997-98 $33 million contract up for auction
Michael Jordan was fortunate to have played in an era when superstars were not pressured by owners and fans to take pay cuts to “help the team.”
Back in 1997, at the end of his Chicago career, Jordan signed what would be the largest single year contract — $33 million (making up for some years of being underpaid by the Bulls). No player has ever made more in one year (and it will be a long time before that record is broken). That year the Bulls went on to the finals, Jordan got away with a push off to hit the game winner, and won his sixth title.
Now you can own Jordan’s actual contract.
The contract is signed by Jordan, himself, and initialed by him on each of its 24 pages. It’s also signed by Jerry Krause, former Bulls general manager, and Irwin Mandel, the man in charge of the Bulls’ finances. It also includes a two-page cover letter from Mandel to the NBA.
The original estimate for the contract’s value by the company auctioning it, Dallas-based Heritage Auctions, was $30,000, but with a week remaining until the bidding closes next Thursday night, bidding has already topped $28,000.
“It’s hard to compare this to anything we’ve sold,” said Chris Ivy, the company’s director of sports auctions. “It’s Jordan, who is in a class by himself, and, to our knowledge, this is the only Jordan playing contract to ever surface.”
If you’re looking for the perfect gift for someone who loves contract law….
As far as memorabilia goes, it’s interesting. There are a lot of Jordan jerseys in circulation, he’s not signing another $33 million contract.
But a contract is 24-pages of lawyer language. It’s about as interesting to read as the assembly instructions of an Ikea bookshelf. I
If that’s your thing, and it is worth north of $30,000 to you. If so, more power to you. Spend away.