Magic Johnson is recognized as one of the most successful entrepreneurs in basketball and even he regrets not accepting this deal.
Missing a million dollars is something almost every professional athlete experiences in the NBA, however, missing a billion? It’s a once-in-a-lifetime moment.
Magic Johnson is one of the few players who had the opportunity to join the league in the 80s at a time when many brands were emerging.
Back then, a certain shoe brand was starting to see itself as a big player in the game. That brand was Nike. They wanted to sign the best players in the league, however, their presence was not great.
Also read: ‘I would never have asked Larry Bird or Magic Johnson to join me!’: When Michael Jordan fired LeBron James for forming a super team with Dwayne Wade, Chris Bosh in Miami
Magic Johnson missed out on $5.2 billion!
According to the story, Magic was offered $1 for every shoe Nike sold and 100,000 shares at $0.18 per share. Converse, on the other hand, was a big brand and offered Magic $100,000 a year.
At the time, the offer seemed significantly better than the one Nike had put on the table.
Magic Johnson chose Converse over Nike and missed out on $5.2 billion
I couldn’t sleep at night #WinningTimeHBO pic.twitter.com/xG5pcugRxu
— Piñata Farms 🪅 (@pinatafarms) April 11, 2022
He often spoke of missing this opportunity. This time, this example was portrayed in the HBO drama series Winning Time.
Here’s Magic Johnson telling how Phil Knight offered stock options instead of upfront cash and how it was the biggest mistake of his career #WinningTime
(Going through @BeanzGotGamez) pic.twitter.com/6fLNdLfAv1
— Piñata Farms 🪅 (@pinatafarms) April 11, 2022
Also Read: ‘Magic Johnson Should Have Been Michael Jordan Before Michael Jordan’: When the Bulls’ Rising Star Unknowingly Driven a Rift Between Him and the Showtime Laker
