Magic Johnson, a former NBA player, turned down a sneaker deal with Nike in 1979, which would have been worth $5.2 billion. Instead, he signed for Converse, as his childhood idol Dr. J (Julius Erving) wore the brand’s shoes during his playing career. Johnson has a $600 million fortune, but a shoe deal offered by Nike founder Phil Knight could have made him a multibillionaire.
In Winning Time episode 6, Magic Johnson’s rivalry with Larry Bird also comes into play during his search for a shoe deal. When he entered the NBA in 1979, he was presented with sponsorship offers from Nike and Converse. Johnson said not signing with Nike as a rookie cost him $5 billion because he didn’t even know what stocks were. Instead, he accepted a sponsorship deal with Converse, paying him $100,000 a year upfront. The Nike deal would have seen Johnson paid $1 for every pair of trainers sold and 100,000 shares in company stock.
In a recent interview, Johnson recalled choosing between endorsement deals offered by shoe companies: Converse, Adidas, and Nike. He turned down a Nike deal that would eventually have been worth $5.2 billion. In “Winning Time: The Rise of the Lakers Dynasty”, Nike co-founder Phil Knight entered the battle for Magic’s coveted shoe deal, going with Converse.
However, Johnson’s decision to sign with Converse was later acquired by Nike, and he ended up at Nike anyway.
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