Jerry Krause is a name synonymous with the Chicago Bulls’ dominance in the 1990s. As the general manager of the team, Krause was often credited with building the roster that led to six NBA championships. His decisions and controversial actions remain a topic of debate among fans and analysts alike. But aside from his basketball legacy, how much did Jerry Krause make throughout his career, and what is his net worth? In this article, we will delve deep into Krause’s life, his career, his financial standing, and the legacy he left behind.
Who Was Jerry Krause?
Before we explore Jerry Krause’s net worth, it’s important to understand who he was and what he brought to the NBA. Born on April 6, 1939, in Chicago, Illinois, Krause started his career in basketball with a deep love for the game. He initially worked as a scout for the Chicago White Sox and then transitioned into the NBA, where his eye for talent made him one of the most respected (and often controversial) figures in the league.
In 1985, Krause became the general manager of the Chicago Bulls. At the time, the Bulls were far from the powerhouse they would later become. However, under his leadership, the team made significant moves, including drafting key players such as Michael Jordan, Scottie Pippen, and trading for key pieces like Toni Kukoč and Steve Kerr. These players helped build a dynasty that won six NBA championships in the 1990s, cementing the Bulls as one of the most successful teams in NBA history.
Jerry Krause’s Impact on the Chicago Bulls Dynasty
Krause’s decision to surround Michael Jordan with the right supporting cast is widely considered a masterstroke. While Jordan’s talent was undeniable, Krause’s acquisitions of players like Pippen and Kukoc were crucial to the Bulls’ success. The team’s dominance on both sides of the court was a direct result of Krause’s vision and ability to build a championship-contending team.
One of Krause’s key moves was hiring coach Phil Jackson in 1989. Jackson, known for his leadership and unique coaching style, worked harmoniously with Krause and Jordan, leading to six championships in eight seasons. However, despite the success, Krause’s relationship with Jordan was strained, as the general manager was often seen as trying to undermine the superstar’s influence on the team. This strained dynamic would go down as one of the most talked-about aspects of the Bulls’ dynasty.
Jerry Krause’s Career Before the Bulls
Before his time with the Bulls, Krause had a varied career in basketball, starting with his time as a scout for the White Sox. He worked in the NBA in various capacities, including as a scout for the Baltimore Bullets and as the assistant general manager for the Chicago Bulls before becoming the team’s GM. His early career gave him the tools to evaluate talent, and he built a reputation for being one of the most astute general managers in basketball.
However, it wasn’t just his basketball acumen that earned Krause recognition. His larger-than-life personality, coupled with his willingness to make bold decisions, made him a polarizing figure. Whether it was making unpopular trades or breaking up championship-winning teams, Krause’s willingness to act decisively often led to controversy but also to unparalleled success.
How Jerry Krause Built His Fortune
While many know Krause for his work with the Chicago Bulls, his financial success went beyond just salary and team ownership stakes. Krause earned a significant income as the GM of the Bulls, but his net worth was also impacted by his ventures outside of basketball.
Salary and Contracts
As the general manager of the Chicago Bulls, Krause’s salary would have been significant. GM salaries in the NBA vary, but it is estimated that he earned anywhere between $1 million to $3 million per year during the peak years of the Bulls’ success. This is a substantial sum, but considering the Bulls’ financial success during the 1990s and the salary of high-profile executives, Krause’s income would have been one of the key factors in building his wealth.
Investments and Other Ventures
While there’s little public information about Krause’s investments, it is likely that he made smart financial decisions during his time with the Bulls. With the salary he earned, it’s plausible that Krause invested in real estate, business ventures, and other income-generating assets. This would have played a role in increasing his net worth over time.
Jerry Krause’s Net Worth: A Breakdown
Now, let’s break down Jerry Krause’s net worth. While estimating a celebrity or public figure’s wealth is often difficult, especially when they are no longer active in the public eye, we can draw some conclusions based on available data and expert opinions.
Estimated Net Worth
As of the time of his death in 2017, Jerry Krause’s net worth was estimated to be between $10 million and $15 million. This wealth primarily came from his salary as the general manager of the Chicago Bulls, as well as any investments and business ventures he may have pursued during his career.
Wealth from NBA Success
While Krause wasn’t the highest-paid general manager in the NBA, his wealth grew as the Chicago Bulls became more successful. Winning six championships during his tenure as GM solidified the franchise’s place in NBA history and contributed to the overall value of the team. This would have made Krause’s wealth grow significantly as well.
The Bulls were a commercial powerhouse during the 1990s, and the increased revenues from ticket sales, merchandise, and global marketing of the team’s success would have added to Krause’s financial standing. His impact on the franchise, from building a championship roster to overseeing the team’s success, directly contributed to the team’s immense profitability during that time.
Jerry Krause’s Legacy
Although Krause’s legacy is often overshadowed by the success of Michael Jordan and Phil Jackson, his contributions to the Bulls cannot be denied. The team’s dynasty would not have been possible without Krause’s vision, talent evaluation, and strategic thinking. Despite his controversial decisions and strained relationships with players, Krause is remembered as one of the most important figures in NBA history.
Beyond basketball, Krause’s legacy lives on in the world of sports management. He influenced the way teams approach team building and talent evaluation, and his impact is still felt in the modern NBA.
Career Milestones and Financial Breakdown
Here is a quick summary of Jerry Krause’s career milestones and a rough breakdown of his financial contributions:
| Year | Event/Action | Impact on Bulls Dynasty | Estimated Income/Net Worth |
|---|---|---|---|
| 1985 | Became General Manager of Chicago Bulls | Began building a championship team | $1M – $3M annually |
| 1989 | Hired Phil Jackson as Head Coach | Led to six NBA championships | Impact on overall team success |
| 1990s | Key trades: Drafting Pippen, Kukoc, and Kerr | Formed core of the Bulls’ dynasty | Major wealth from team success |
| 1998 | End of the Bulls’ championship run (Jordan era) | Major fallout with team, start of rebuilding | Estimated net worth: $10M – $15M |
| 2017 | Jerry Krause passed away | Legacy cemented in NBA history | Wealth built from career and investments |
The Controversy Surrounding Jerry Krause
Jerry Krause’s career wasn’t without controversy. His relationship with Michael Jordan is well-documented, and the two had a famously frosty relationship. Jordan often criticized Krause for his decision-making and the way he handled the team’s roster. Despite this, Krause remained committed to his vision for the team, often making moves that Jordan and others disagreed with.
One of the most famous controversies surrounding Krause was his decision to break up the Bulls’ championship roster after the 1998 season. Although the team was still winning, Krause insisted that the team needed to rebuild, which led to the departure of key players and ultimately the end of the Bulls’ dominance. This decision is still widely debated among basketball fans and analysts, with some criticizing Krause for dismantling a championship-winning team while others argue it was the right move for the future.
Conclusion
Jerry Krause’s net worth reflects not only his success as the general manager of the Chicago Bulls but also his long-lasting impact on the game of basketball. While his controversial decisions and strained relationships with players like Michael Jordan often overshadow his accomplishments, Krause played a key role in the Bulls’ six NBA championships. His legacy continues to influence the way NBA teams are built and managed to this day.
Through his work, Jerry Krause proved that success in sports management isn’t just about the players on the court but also the vision and strategy behind the scenes. His net worth is a testament to his career and the impact he had on the Chicago Bulls and the NBA as a whole. Despite the controversy surrounding his career, there’s no denying that Jerry Krause was a major figure in the history of basketball.