Today we’ll talk about the late Jerome Krause, better known as Jerry Krause, a well-known name in American basketball, as he was a sports scout and later the general manager of the Chicago Bulls basketball team. We’ll touch upon his life, achievements, and net worth of about $5 million.
|Jerry Krause Net Worth|
|Name||Jerome Richard Krause|
|Birthday||6 April 1939|
|Died||21 March 2017|
|Height||5 ft 5 in (1.65 m)|
|Kids||David Krause and Stacy Cooper|
|Profession||Sports Scout, Sports Manager|
|Net Worth (estimated)||$5 million|
So, How Much Was Jerry Krause’s Net Worth?
Jerry Krause had a net worth of about $5 million, which he earned as a sports scout and general manager of the Chicago Bulls, a position he held for 18 years.
Jerry Krause started as a scout for the Baltimore Bullets and scouted for the Phoenix Suns, Philadelphia 76ers, Los Angeles Lakers, and the Chicago Bulls.
Jerry Krause’s Early Life
Jerry Krause was born Jerome Richard Krause on 6 April 1939, in Chicago, Illinois. The names of his parents and possible siblings are not disclosed.
Jerry played high school basketball at Taft High School and later attended Bradley University, focusing on sports. After finishing college, Jerry Krause went to work for the Baltimore Bullets as a scout, earning a reputation for recognizing talent.
During his early years as a scout and coach, he made a relationship with Phil Jackson, and the two remained friends until Jerry died in 2017.
Jerry Krause’s Personal Life
Jerry Krause was married to Thelma Krause, and they have a son David and a daughter Stacy. Very little is known of the relationship with his wife and kids.
After his younger years, Jerry started to let himself go and become obese. It was said that he had an obsession with sweets and that crumbs would often stick to his clothes. Jerry Krause also had health issues. Namely, he suffered from osteomyelitis and passed away on 21 March 2017, two weeks before his 78th birthday.
Jerry Krause worked as a sports scout for basketball and baseball teams across the USA. He started as a basketball scout for the Baltimore Bullets, now known as the Washington Wizards.
During the 1970s, Jerry Krause went on to work as a scout for the Phoenix Suns, Philadelphia 76ers, Los Angeles Lakers, and the Chicago Bulls. At this time, he also worked as a baseball scout for the Cleveland Indians, Oakland Athletics, Seattle Mariners, and Chicago White Sox.
In 1985, Jerry Krause became the general manager of the Chicago Bulls, replacing Rod Thorn. After some turbulence in the team and restructuring the coaching staff, Jerry brought Phill Jackson to the team.
These changes significantly contributed to the Chicago Bulls, led by Michael Jordan, winning the NBA Championships six times: 1991, 1992, 1993, 1996, 1997, and 1998. Jerry Krause won the NBA Executive of the Year award in 1988 and again in 1996.
During the 1992 Olympics, the US basketball team dubbed the Dream Team included Michael Jordan and Scottie Pippen, both Chicago Bulls players. They ended up playing Croatia for the gold medal. The Croatian team was led by Toni Kukoc, who Jerry was courting to join the NBA.
It was here when the rivalry and mocking of Jerry Krause by Michael Jordan began, as it looked like Jordan and Pippen played especially harshly against Kukoc, seemingly trying to punish Krause. Interestingly, Toni Kukoc joined the Chicago Bulls the following 1993 season.
Jerry Krause resigned from his Chicago Bulls managerial position in 2003 and returned to baseball scouting for the New York Yankees and New York Mets. He went back to scout for the Chicago White Sox in 2010, a position he had in the 1970s. In 2011, he worked as a special scouting advisor for the Arizona Diamondbacks.
Jerry passed away on 21 March 2017. Almost all his former team members attended the funeral, except for Michael Jordan, who did not attend, as a show of protest resulting from his long-time feud with Jerry Krause. Jerry Krause was inducted into the Basketball Hall of Fame posthumously.
Final Word: Was Jerry Krause a Millionaire?
Yes, Jerry Krause was a millionaire with about $5 million net worth. He made most of his money as a general manager of the Chicago Bulls, but he was also a talented sports scout. He worked with notable teams like the New York Yankees, New York Mets, Chicago White Sox, and Arizona Diamondbacks.
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