In the HBO series “Winning Time: The Rise of the Lakers Dynasty”, NBA legend Magic Johnson is portrayed as a multibillionaire who turned down a shoe deal with Nike, which would have been worth $5.2 billion today. Johnson, the No. 1 pick in the 1979 NBA Draft, had to choose between Converse, Adidas, and Nike. He regrets his decision, which cost him billions in Nike stock.
In a recent interview, Johnson recalled choosing between endorsement deals offered by shoe companies: Converse, Adidas, and Nike. He accepted a sponsorship deal with Converse, which paid 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. However, Johnson’s lack of understanding of stocks cost him a $5 billion deal with Nike early on his NBA career.
Nike offered Johnson a $5 billion windfall, but he passed and took the sure thing. The company came to him and made him the deal much like Nike’s. According to Yard Barker, it was an offer for $100,000. UnderArmour, on the other hand, gave him discretion along with a lucrative contract, and he signed with UA instead.
In conclusion, Magic Johnson’s decision to accept a sponsorship deal with Converse led to a significant financial loss for him. His rivalry with Larry Bird also plays a role in his search for a shoe deal in Winning Time episode 6, which ultimately ended with both NBA teams.
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Ironically, the NBA Draft doesn’t ALWAYS know how to pick em… Sometimes the top picks end up being the biggest losers. We dove into the history of the draft to find the players who had the most potential but for one reason or another didn’t live up to the hype. Tell us who you think the biggest disappointment came from: youtu.be/WGZieLGsMaA
Britt… 😍 MJ having signed Zion some sneakers without even playing a single game in the NBA lets us understand the great expectations they have with Zion. And even more, it is a propaganda telling the market that Nike is the best brand and they will never break … Who knows … The question would be, Zion will really play as everyone expects, will he make the numbers ??? So be it … 😎💪 From P.R ….. 🇵🇷