Turning Down A Nike Shoe Deal, Magic Johnson Is ‘Still Kicking Himself.’

Turning Down A Nike Shoe Deal, Magic Johnson Is ‘Still Kicking Himself.’

Magic Johnson’s possible shoe sponsorships with Nike or Converse are discussed in Winning Time episode 6; the player eventually chose Converse, a move he bet he hates to this day.

Winning Period: The Development Of The Lakers Empire is already more than midway through its first season, with episode 6 titled Memento Mori.

According to its website, Magic Johnson – official title Earvin Johnson Jr – has become a wealthy businessman through wise investments. His company Magic Johnson Holdinch has $1 billion in holdings.

However, episode 6 demonstrates that the 62-year-old hasn’t always made the best decisions – he’s still regretting a choice he took in the 1980s.

THE SHOE DECISION OF MAGIC JOHNSON

Source: Twitter.

The sportsman was chosen first overall by the Los Angeles Lakers in the 1979 NBA draught and went on to win the 1980 Championship Game, becoming him the one and only newbie to earn the NBA Finals Champion title.

With such a promising future ahead of him, sponsorship opportunities were bound to come his way.

Puma, Converse, and Adidas, as well as an up-and-coming footwear business called Nike, all wanted Magic on board.

Nike was concentrating on athletics at the time, and it had another number of well-known marathoners on its roster.

However, due to the appeal of basketball, nobody were as well-known as Magic Johnson, whether he was a rookie or not.

Winning time states that because Nike was a smaller business than Converse and Puma just at the time,

Phil Knight, the inventor of Nike, could only give Magic $1 for each pair of sneakers delivered and 100,000 shares in company stock starting at $0.18 per share.

Because he was unfamiliar with equities, the then-19-year-old chose Converse,

That paid $100,000 a year. Dr J, an NBA icon, had partnered with Converse in 1975, motivating the rising star even more.

Magic regrets turning down a Nike shoe deal after nearly 40 years.

Johnson has spoken out about the contract numerous times, saying to Ellen DeGeneres in 2017 that he feels angry every time he walks into a Nike store.

He says he didn’t know something about stocks at the time

And that he did a mistake, wow!

 I’m still kicking myself for making such a mistake. I could be generating money right now if everyone buys Nikes!”-he says

The total sum of shares Johnson was promised hasn’t been confirmed, but according to Winning Time, 100,000 stock grants would have netted Magic $5.2 billion,

He could have even become the face of the prized Jordan sneakers.

According to the LA Times, Johnson’s 12-year contract with Converse paid him around $2 million.


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Simpy Singh
By Simpy Singh

I am a professional product reviewer and buyer's guide for online sites. I've been doing product reviews since my early teenage years. I started out reviewing books on Youtube, before moving on to other types of products such as makeup, clothing, shoes, and electronics. It is so much fun to give people honest feedback about the things they're thinking of buying! After graduating with a degree in Literature from university, I decided to move into this line of work full-time and never looked back.

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