Michael Jordan’s “Dream Team” jacket from the 1992 Olympics is about to become a dream possession for a lucky buyer.

The Reebok warmup jacket that Jordan—a Nike athlete—reluctantly wore on the medal podium for Team USA is on the auction block at Sotheby’s through June 28. It is expected to fetch anywhere from $1 million to $3 million.

The United States easily won gold in Barcelona—beating Croatia by 47 points in the championship game—with a roster comprised almost entirely of NBA stars, who were not allowed to compete at the Olympics until a rule change by the International Basketball Federation in 1989. Thus the group, which also featured players like Larry Bird, Magic Johnson, and Charles Barkley, received the “Dream Team” moniker and became an iconic part of basketball history.

Michael Jordan Didn’t Want the Jacket

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In this photo from the 1992 Olympics in Barcelona, Michael Jordan, center, is seen covering up his Reebok jacket and pants with an American flag.Jordan, now 60, is the most famous Nike brand athlete of all time. He signed his first deal with the company as a rookie in 1984, which led to the globally popular Air Jordan shoe line. Their lucrative partnership—Jordan made $1.3 billion off Nike products through 2020, according to The Sporting News—was the subject of the 2023 film Air starring Matt Damon and Ben Affleck.

So, not surprisingly, Jordan wasn’t happy when the U.S. Olympic Committee required Team USA athletes to wear their full Reebok uniforms on the medal stand in Barcelona. He ultimately complied and wore the jacket, but with one major alteration.

The five-time NBA MVP draped a large American flag over his right shoulder and down the front of his body—not so much as an act of patriotism, but to strategically hide the Reebok logos visible on the jacket and the right side of his pants. When Jordan left the medal stand, he tossed the jacket to Brian McIntyre, a member of the NBA’s communications department assisting players at the Olympics. “I certainly don’t want it,” he told McIntyre.

McIntyre received a personalized autograph from Jordan in 1994, and kept the jacket for almost another 30 years before deciding to bring it to auction. “I’ve enjoyed it, and it’s just the right time to do this,” he told The Associated Press. “And it’s easier to do this than leave things for my kids.”

McIntyre said Jordan is aware of his effort to sell the jacket.

Why Is Michael Jordan’s Jacket So Valuable?

The story of Jordan and the jacket was widely reported following the Games, and the NBA legend even discussed it in the Emmy-winning 2020 docuseries The Last Dance.

Given the Dream Team’s popularity and role in forever changing international basketball, items from its run to gold have historical significance. And as Sotheby’s head of streetwear and modern collectibles Brahm Wachter told The Associated Press, the jacket represents Jordan’s commitment to Nike—a “transformative and revolutionary partnership between two powerhouses that has stood the test of time.”

“To be able to sell this relic from such a historic world event—one that is often credited for multiplying the popularity and global reach of basketball—is both rare and unparalleled,” Wachter said.

So if you’d like to own the jacket and have a couple million dollars to spare, it will be on display at Sotheby’s New York from June 24-28 for prospective bidders.