Michael Jordan first entered into a contract with Nike in 1984. Nike had reported a loss in February of 1984 and pursued Michael Jordan as a potential sponsor.
The original contract between Michael Jordan and Nike was for $500,000 per year for five years. This broke the previous record for the highest-paid sports contract, which was set by James Worthy. New Balance paid Worthy $150,000 per year for eight years. When the first pair of Air Jordans were released in 1984, they were banned by the NBA because they did not adhere to the league's dress code. They did not fit into the uniform color scheme of the Chicago Bulls.