Michael Jordan becomes highest paid NBA player with one-year Bulls contract worth $25-30 million

Jet, July 29, 1996

Basketball icon Michael Jordan has eased the tension among Chicago Bulls fans, agreeing to a one-year contract with the team, reportedly worth as much as $30 million.

News reports have only speculated that the amount of Jordan's contract is between $25-$30 million. At JET press time he had not signed the contract.

The new salary makes the NBA's 1995-96 most valuable player (MVP) the highest paid player in the league, surpassing New York Knicks center Patrick Ewing who earned $18.7 million last season.

The contract was an easy deal for Jordan who gave the final OK to his agent David Faulk and Bulls owner Jerry Reinsdorf over the phone between rounds of a golf tournament in Lake Tahoe, NV.

"It really didn't take any negotiations, which is the way I wanted it," Jordan said. "I'm very happy."

Reinsdorf said he was pleased with Jordan's one-year deal, and that Jordan was more than deserving of the amount of the contract.

"Now was the time to reward him," Reinsdorf said. "This was not a business thing. This was not a time for tough negotiation. This was a time for Michael to be rewarded for what he has meant to this franchise."

During his 10-year career, Jordan has won eight NBA scoring titles and four MVP awards and led the Bulls to four NBA championships.

Jordan had originally expressed an interest in staying with the Bulls for about two more seasons but changed his mind after coach Phil Jackson signed for only one year. Also, turning 34 next year, Jordan said he wants to weigh his options after the 1996-97 season.

"This team could have a good chance of winning the championship again. Then after that, you don't know," he said. "They may want to take a business approach to it and change the team. And I want to give them the flexibility to do that."