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As Magic Johnson is preparing for his documentary “They Call Me Magic” on Apple TV, the NBA All-Star spoke about his playing days.
Most NBA players make money in the league, but they also get a pretty penny when it comes to endorsements, and with someone as marketable and popular as Johnson, that never rang. more true. Of course, bidding wars with sports companies are nothing new, and Johnson recently revealed why he chose Converse over Nike. Turns out it has everything to do with hard cash.
As Johnson recalls, Nike was only able to offer him $1 for every pair of shoes sold and 100,000 shares in stock options from just $0.18, while Converse was willing to give him 100,000. $ per year. Johnson, of course, chose Converse, but the decision still haunts him to this day.
“Now I never heard of a stock at 19. I had to take the money; I had to take the money. Man, I would’ve been a billionaire by now. If you think you get that stock in 1979 and what is he worth today? Yeah. It kills me every time I think about it. Man, Michael Jordan would have made me so much money,” he said during a recent interview as the crowd erupted in laughter.
This isn’t the first time Johnson has spoken about the multi-million dollar loss — he previously brought it up on The Ellen DeGeneres Show in 2017.
“I didn’t know anything about stocks back then – boy, did I get it wrong. I’m still kicking myself. I could make money off everyone buying Nikes right now!
Johnson’s deal with Converse became the topic of conversation after Sunday night’s episode of HBO’s stellar new series Buying Time: The Rise of the Lakers Dynasty who revisited the moment he signed the deal. Johnson is aware of his disdain for the show.
But don’t feel too bad for Magic. As the LA Times reports, he gets $2 million a year from his Converse endorsement.
Magic Johnson explains how he lost millions signing Converse over Nike was originally posted on cassiuslife.com